LinkedIn president upgraded to CEO

Jeff Weiner, a former Yahoo executive who joined the company early this year, will take over from acting CEO and founder Reid Hoffman.

Not a particularly surprising move: LinkedIn president Jeff Weiner has taken over as CEO of the company, according to an announcement Wednesday from the business networking site.

Weiner, a former executive vice president at Yahoo, joined the company in January after then-CEO Dan Nye stepped down in December and founder Reid Hoffman took over as interim CEO. Hoffman will remain executive chairman of the company.

"LinkedIn was founded to harness the power of the Internet to create a tool that would help individuals become more effective and successful professionals," Hoffman said in a release. "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."

LinkedIn now has over 42 million members, the company said, and hopes to be profitable this year for the second year in a row; it makes money not only from ads, but from premium subscriptions and "corporate solutions."

The company was aiming for a billion-dollar valuation just around a year ago when it raised a $53 million Series D funding round. Hoffman has gone on the record saying that he hopes LinkedIn will eventually go public.

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