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Changing Of The Guard: Jeff Weiner Takes CEO Spot At LinkedIn
LinkedIn had a management shakeup last December - CEO Dan Nye stepped down. Founding CEO Reid Hoffman stepped in again and former Yahoo exec Jeff Weiner joined the company as President. The hiring of Weiner as President was clearly an interim move, and we predicted he'd move into the CEO role sometime this year: "The addition of Weiner is also quirky, and may explain the changes. Weiner was likely expecting a CEO role as his next job. He’s now second to Hoffman. Perhaps the company is using the interim period to see how he can handle himself leading the company. I wouldn’t be surprised to see Weiner take the CEO job at LinkedIn sometime in 2009, or else leave the company." It turns out that is exactly what happened. LinkedIn continues to roll. They are the fifth most valuable social network according to our recent model. The site attracts over 15 million monthly unique visitors (Comscore worldwide, April 2009), up from less than 7 million a year ago, and has 42 million registered profiles. They've been ebitda profitable since last year and say they plan to be cash flow positive this year. In February, Hoffman told me "We can go public any time we want to." And Weiner agrees, telling me today that their current plan to to build an independent public company, with three key revenue sources: premium subscriptions, corporate solutions and advertising. To date the company has raised over $100 million. The last round, a year ago, valued the company at just over $1 billion .
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