Jeff Weiner, the longtime CEO of Microsoft-owned LinkedIn, is passing the torch.
In a blog post on Wednesday, Weiner wrote that he's stepping down as head of the Microsoft-owned professional networking site as of June 1. Microsoft (MSFT) - Get Report shares slipped 0.25% to $179.66.
Weiner, who joined LinkedIn as president in 2008 and became CEO in 2009, will become the company's executive chairman. Ryan Roslansky, LinkedIn's head of product, will step into the CEO role.
"Ryan has been a key architect in reshaping LinkedIn’s increasingly complex consumer and enterprise applications into a single, holistic, global ecosystem. In doing so, he has helped lead one of the best performing stretches in the company’s history," Weiner wrote in the post.
Microsoft purchased LinkedIn for $28 billion in 2016, its largest-ever acquisition. Since then, LinkedIn has accumulated more than 645 million members, and it accounted for $6.7 billion in revenue for Microsoft's fiscal 2019, representing roughly 5.4% of its overall revenue.
Tomer Cohen, currently LinkedIn's VP of product, will be promoted to lead global product initiatives.