Ex-Yahoo Jeff Weiner Named LinkedIn CEO

LinkedIn CEO Jeff Weiner

LinkedIn president Jeff Weiner has become its CEO, replacing founder Reid Hoffman, who will become executive chairman. Jeff will also join LinkedIn’s board of directors.

Jeff parachuted into LinkedIn from Accel Partners and Greylock Partners, where he briefly served as an executive-in-residence.

Before that, Jeff was the EVP at Yahoo (YHOO) in charge of consumer-facing products.

Reid told Kara Swisher Jeff’s been acting as LinkedIn’s CEO for months now.

“Jeff has really had our team reporting to him and has been doing a lot of what a CEO does for months now,” said Hoffman. “So, we wanted to project that to the world what was already projected internally.”

At one point, LinkedIn was the Silicon Valley startup celebrated for its profitability and IPO prospects. But the economy and perhaps some mismanagement have made it something of a turnaround project for Jeff. At the very least his job is to step on the gas.

He told Kara Swisher his immediate priorities for the professional networking site include: “scaling the network, increasing the user base and engagement, improving user experience and product ease, juicing up search, further expanding internationally and strengthening the platform and third-party developer relationships.”

Here’s the release:

LinkedIn Names Jeff Weiner Chief Executive Officer

Co-founder Reid Hoffman continues as Executive Chairman

Mountain View, CA–June 24, 2009–LinkedIn, the world’s largest professional network, today announced that Jeff Weiner has been named LinkedIn’s chief executive officer and appointed to the board of directors. Reid Hoffman will remain focused on LinkedIn in his day-to-day role as founder and executive chairman.

Since joining LinkedIn as interim president in January 2009, Weiner has overseen all operations and played a defining role in developing and executing the company’s strategy to address the accelerating demand for LinkedIn’s products and services on a global basis. “Working closely with Reid and the team over the past six months exceeded all of my expectations coming into the company,” said Weiner. “I couldn’t be more excited about our progress to date, and the opportunity ahead of us.”

“LinkedIn was founded to harness the power of the internet to create a tool that would help individuals become more effective and successful professionals,” said Reid Hoffman, co-founder and executive chairman, LinkedIn. “Over the past six months, Jeff has done an exceptional job leading the company and I look forward to continuing the work that we have begun together.”

In the past year, LinkedIn has achieved records across virtually all key operating and financial metrics, most recently exceeding 42 million global members. LinkedIn has an established business model with three lines of revenue, including premium subscriptions, corporate solutions and advertising. The company operated profitably in 2008 and is expected to be profitable in 2009. LinkedIn has secured more than $100 million in funding from some of the world’s premiere investors.

Weiner brings more than 14 years of consumer web experience to the position. Prior to joining LinkedIn as interim president, Weiner was executive in residence at Accel Partners and Greylock Partners. He had previously held key leadership roles at Yahoo!, most recently serving as executive vice president of Yahoo!’s Network Division with responsibility for Yahoo!’s consumer web product portfolio, including Yahoo!’s Front Page, Mail, Search and Media products. In addition to LinkedIn, Weiner serves on the boards of DonorsChoose.org and Malaria No More. For more information, please see Jeff Weiner’s LinkedIn profile at: http://www.linkedin.com/in/jeffweiner08.