Business networking site LinkedIn has confirmed reports that its founder, Reid Hoffman, will return to the CEO post to replace resigning CEO Dan Nye.
Hoffman had stepped down as CEO in 2006 but remained chairman of the board and stayed active in product development operations. This month, LinkedIn hired Dipchand Nishar as vice president of products, with the objective of taking over some of the duties that Hoffman had been handling. Meanwhile, former Yahoo executive Jeff Wiener, currently the executive in residence at Accel Partners and Greylock Partners, will take over as interim president at LinkedIn.
Nye plans to step down in mid-January. No reason was provided for his departure.
"Dan joined LinkedIn with a mission to help us build a company that was strong and sustainable. In two years, he has succeeded in this objective, transforming LinkedIn from a young start up to a high growth business," Hoffman said in a release. LinkedIn does not make its financials completely public, but says it has been profitable since 2007.
"Dan deserves tremendous credit for his contributions to LinkedIn. His passion and commitment will continue in the efforts of the team that he's helped build here."
Currently, LinkedIn has about 33 million members and has raised more than $100 million in venture capital, giving it a valuation that's reportedly right around $1 billion.