June 26, 2009 at 8:25am

Last December’s executive shakeup at business networking site LinkedIn has shaken out. The Silicon Valley company announced Wednesday that former Yahoo exec Jeff Weiner will replace LinkedIn founder and CEO Reid Hoffman in the front office.

Weiner, 39, who has served as interim president since January, will also be appointed to the LinkedIn board of directors. Hoffman is to continue fulltime as executive chairman.

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

While the news added to already rampant speculation that LinkedIn, which claims 42 million members worldwide as the largest networking site for business professionals, is gearing up for an IPO, Weiner said, “we are focused on building the business right now.”

The New York Times reported that LinkedIn has added 10 million new members since Weiner’s interim appointment, at a rate the new CEO described as one per second. While declining to be specific about either revenue or performance figures, Weiner said the company has topped targets it set earlier this year, that LinkedIn was “profitable last year and we are on track to be profitable this year.” Its revenues come from paid premium subscriptions, corporate partnerships and online advertising.

Weiner held several executive positions at Yahoo until about a year ago, the last as executive vice president of its Network Division – overseeing Yahoo Front Page, mail, search and media products – before serving briefly as executive-in-residence at Accel Partners and Greylock Partners, Silicon Valley venture capitalists.

He is also on the boards of DonorsChoose.org, an online charity providing classroom supplies to stumbling public schools, and Malaria No More, a nonprofit supported in part by the Bill & Melinda Gates Foundation.

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