LinkedIn co-founder Reid Hoffman joins Microsoft’s board

LinkedIn co-founder Reid Hoffman announced today that he’s joined the board of directors at Microsoft.

This follows Microsoft’s $26.2 billion acquisition of LinkedIn last year. When the deal closed, LinkedIn CEO Jeff Weiner said the company’s day-to-day operations would “essentially remain unchanged,” but he also noted a number of areas (like integrating LinkedIn into Microsoft Outlook and Office products) where the two organizations would work together.

In a LinkedIn post, Hoffman said his primary job is still as a partner at Greylock, but he’s “maintained an office next to Jeff Weiner’s at LinkedIn for the last nine years” — so he’s remained very involved. (Officially, he was chairman of the LinkedIn board.)

As a Microsoft board member, Hoffman said his focus will remain on LinkedIn itself, while also working to help Microsoft build more connections in Silicon Valley.

 “And following the combination with Microsoft, LinkedIn now has new resources and technology assets to deploy as it moves forward,” he wrote. “Imagine a Cortana-like intelligent assistant helping you determine which third-degree connections make the most sense for you to pursue. Or LinkedIn Learning courseware that incorporates Microsoft’s HoloLens mixed reality technology for more immersive learning experiences.”

Microsoft also named LinkedIn’s Kevin Scott as its chief technology officer earlier this year.

LinkedIn CEO donates stocks worth $14 million to staff

LinkedIn Corp said on Wednesday chief executive Jeff Weiner will decline his 2016 annual stock compensation in order to pass it on to his employees at the professional social network.

The move follows LinkedIn’s disappointing first-quarter revenue and profit forecast that missed Wall Street estimates last month as growth slows in the company’s ads business and its hiring services face pressure outside North America.

Up to Wednesday’s close of $119.6, LinkedIn’s stock had dropped nearly 38% since its results on February 4.

“Jeff decided to ask the Compensation Committee to forego his annual equity grant, and to instead put those shares back in the pool for LinkedIn employees,” a LinkedIn spokesperson said in an emailed statement to Reuters.
LinkedIn did not confirm the value of the stock package but technology website Recode reported it was worth about $14 million, citing a source familiar with the matter.

Weiner had received stock awards worth $10.2 million and option awards worth $3.2 million for the year ended December 31, 2014.