LinkedIn founder Reid Hoffman steps aside as CEO
SAN FRANCISCO, Feb 4 (Reuters) - Silicon Valley entrepreneur Reid Hoffman said on Sunday he is turning over the role of chief executive of the pioneering online business networking site LinkedIn Corp. to software executive Dan Nye.
Hoffman said in his LinkedIn biographical profile that he plans to remain as chairman of the Palo Alto, California-based company and take on the additional title of president of products. Details can be found at tinyurl.com/2vjl43.
Nye joins LinkedIn from investment management software maker Advent Software Inc. (ADVS.O), where he was executive vice president.
Previously, Nye had served as vice president and general manager of the small business division of Intuit Inc. (INTU.O) and as a brand product manager at Procter & Gamble Co. (PG.N). Further details are available at tinyurl.com/yrtokb.
Hoffman's move to make way for Nye follows the departure late last year of Konstantin Guericke, who co-founded LinkedIn with Hoffman and had served as vice president of marketing.
Hoffman was previously executive vice president at PayPal before it was acquired by online auction giant eBay Inc. (EBAY.O). He has been one of Silicon Valley's most active angel investors, taking part in backing many small Web start-ups.
A week ago, LinkedIn said it had taken $12.8 million in new funding from Bessemer Venture Partners and European Founders Fund (EFF), which is backed by brothers Marc, Oliver and Alexander Samwer, the founders of what became eBay Germany.
The LinkedIn network has 9 million users in North America, Asia and Europe, and is growing at a rate of 100,000 members a week, the company said. LinkedIn's basic profile business profile services are free. It makes money from advertising, job listings and custom corporate subscription packages.
LinkedIn turned profitable in March of 2006.
