Chief Executive Officer of LinkedIn, Jeff Weiner will stay on as and will report to Microsoft CEO Satya Nadella. The deal was unanimously approved by both companies’ boards, and is expected to close by the end of the year. The acquisition is still subject to approval by LinkedIn shareholders and regulators.
“The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals,” Nadella said in a statement. “Together we can accelerate the growth of LinkedIn, as well as Microsoft Office 365 and Dynamics as we seek to empower every person and organization on the planet.”
According to a statement to LinkedIn employees by CEO, Weiner said “little is expected to change” and employees will have the same titles and managers.
“The one exception: For those members of the team whose jobs are entirely focused on maintaining LinkedIn’s status as a publicly traded company, we’ll be helping you find your next play,” Weiner said. “In terms of everything else, it should be business as usual. We have the same mission and vision; we have the same culture and values; and I’m still the CEO of LinkedIn.”
“This is a great deal,” said Ivan Feinseth, CIO at investment firm Tigress Financial Partners, told CNBC’s “Squawk Box.” He said his company publishes research on Microsoft.
“LinkedIn is the ultimate business social platform. You have everybody on this, from interns and college students on up to the biggest CEOs,” Feinseth said. “This is a good way for Microsoft to expand in social platforms.”