David Kirkpatrick

December 19, 2008

LinkedIn founder returns

Filed under: Business, Media, Technology — Tags: , , , , — David Kirkpatrick @ 12:28 am

An AP report via Technology Review:

After taking a back seat for nearly two years, LinkedIn Corp. founder Reid Hoffman is reclaiming the CEO’s job and bringing in former Yahoo Inc. executive Jeff Weiner to help steer the online professional network through its next phase of growth.

Hoffman’s return as chief executive, announced Wednesday, comes as a surprise, given LinkedIn’s success since he recruited Dan Nye to take over the reins of the Mountain View-based company in February 2007.

With Nye at the helm, privately held LinkedIn says it has been profitable as its revenue rose tenfold and the number of people creating profiles on its Web site more than quadrupled to 33 million.

The success helped LinkedIn raise $80 million in venture capital this year in a series of investments that valued the company at about $1 billion.

Find me on LinkedIn at http://www.linkedin.com/in/davidkonline