LinkedIn hires new CEO

Palo Alto based LinkedIn has hired Dan Nye, previously an Executive Vice President at Advent Software, as its new CEO. Linkedin is a business and social network that uses the “six degrees of separation” model to allow members to make connections with other professionals. Nye replaces Reid Hoffman, who founded LinkedIn and who will remain as Chairman and President, Products. LinkedIn is well funded with backing by Sequoia Capital, Greylock, Bessemer Venture Partners, and the European Founders Fund.