In a move that many in the Silicon Valley chattering classes were certainly wondering about, former Yahoo exec Jeff Weiner has been named CEO of LinkedIn, the largest social network focused on professionals.

Weiner (pictured here), 39, who has been the president of the Mountain View, Calif.-based company since late last year, will also join the board of directors.

Current CEO, Chairman and founder Reid Hoffman–whose second title will be slightly changed to executive chairman and who will continue to work on a daily basis at LinkedIn–said the move was not part of the preparations for an initial public offering but because Weiner had already been handling the duties of CEO for some time.

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

Before coming to LinkedIn, Weiner ran the Network division of Yahoo (YHOO), putting him in charge of most of its consumer offerings.

He left the Internet giant a year ago and did a brief stint as an executive-in-residence at two Silicon Valley venture firms–Accel Partners and Greylock Partners–before joining Linked in December.

Weiner listed a number of priorities moving forward, including scaling the network, increasing the user base and engagement, improving user experience and product ease, juicing up search, further expanding internationally and strengthening the platform and third-party developer relationships.

Phew, but he left out improving the food in the cafeteria!

“We have done a lot over the last six months to really grow this professional network,” said Weiner, who noted that the company had beaten its internal projections. “And we are positioned well to reach our full potential.”

For now, to both Weiner and Hoffman, that means growth and further girding the bottom line.

LinkedIn, which said it has 42 million members world-wide, has a more diversified business model than other social-networking sites, with “three lines of revenue, including premium subscriptions, corporate solutions and advertising.”

Hoffman said the company was profitable in 2008 and is expected to be profitable in 2009, although he declined to provide either revenue or profit figures.

One striking figure, of course, is the more than $100 million in funding LinkedIn has gotten since it was founded, which had given it a massive valuation of over $1 billion.

That’s why many have been watching for either an IPO or a sale of LinkedIn. Many possible acquirers have been bandied about in the past, including News Corp. (NWS), which owns Dow Jones, owner of this site.

But Hoffman discounted either path for now.

“We are entirely focused on building the company and not on the run-up you make for a public offering,” he said.

Added Weiner: “We are working on how you build a strong company for the long term.”

Here’s the official press release on the news:

LinkedIn Names Jeff Weiner Chief Executive Officer

Co-founder Reid Hoffman continues as Executive Chairman

Mountain View, CA–June 24, 2009–LinkedIn, the world’s largest professional network, today announced that Jeff Weiner has been named LinkedIn’s chief executive officer and appointed to the board of directors. Reid Hoffman will remain focused on LinkedIn in his day-to-day role as founder and executive chairman.

Since joining LinkedIn as interim president in January 2009, Weiner has overseen all operations and played a defining role in developing and executing the company’s strategy to address the accelerating demand for LinkedIn’s products and services on a global basis. “Working closely with Reid and the team over the past six months exceeded all of my expectations coming into the company,” said Weiner. “I couldn’t be more excited about our progress to date, and the opportunity ahead of us.”

“LinkedIn was founded to harness the power of the internet to create a tool that would help individuals become more effective and successful professionals,” said Reid Hoffman, co-founder and executive chairman, LinkedIn. “Over the past six months, Jeff has done an exceptional job leading the company and I look forward to continuing the work that we have begun together.”

In the past year, LinkedIn has achieved records across virtually all key operating and financial metrics, most recently exceeding 42 million global members. LinkedIn has an established business model with three lines of revenue, including premium subscriptions, corporate solutions and advertising. The company operated profitably in 2008 and is expected to be profitable in 2009. LinkedIn has secured more than $100 million in funding from some of the world’s premiere investors.

Weiner brings more than 14 years of consumer web experience to the position. Prior to joining LinkedIn as interim president, Weiner was executive in residence at Accel Partners and Greylock Partners. He had previously held key leadership roles at Yahoo!, most recently serving as executive vice president of Yahoo!’s Network Division with responsibility for Yahoo!’s consumer web product portfolio, including Yahoo!’s Front Page, Mail, Search and Media products. In addition to LinkedIn, Weiner serves on the boards of DonorsChoose.org and Malaria No More. For more information, please see Jeff Weiner’s LinkedIn profile at: http://www.linkedin.com/in/jeffweiner08.

Another Goog-Bye.

Sukhinder Singh Cassidy (pictured here), president of Google’s Asia-Pacific and Latin American operations, is leaving the search giant and joining Silicon Valley venture firm Accel Partners as a CEO-in-residence.

Singh Cassidy, 39, is one of Google’s more visible execs and also one of its highest-ranking women leaders. She has been at Google (GOOG) since 2003.

Previous to that, she was at Yodlee, an online banking start-up, which was backed by Accel–along with stints at Amazon (AMZN) and OpenTV (OPTV).

She is also the second top Google exec to depart the company recently. Tim Armstrong, president of the Americas and a top advertising SVP, left the company a month ago to become CEO and chairman of Time Warner (TWX) online unit AOL.

While any executive exodus from Google is much noticed, especially in such close proximity, the moves by both are probably not too surprising, given that the powerful company–as it matures–has limited avenues for its typically ambitious managers.

It was well known that Armstrong had long wanted to have the top job at a company and that Singh Cassidy is a longtime entrepreneur with higher goals.

Singh Cassidy said as much in an interview with BoomTown last night.

“I was at the end of my streak [at Google] and ready to take the next step and run or grow my own company,” she said. “It is key for me to be stepping out and spreading my wings now.”

Where Singh Cassidy will fly to next is not determined yet, she said, but it will be in the consumer Internet space, she said, although it could be at a start-up or a more established company.

“I think what I was known for at Google was scaling for growth opportunities and I am interested in finding a company with a lot of momentum and need for scale,” said Singh Cassidy.

(Helloooo, Twitter?!? Here’s a way to get a little bit of Googley management without, you know, actually selling out to Google.)

Google CEO and Chairman Eric Schmidt said in a statement about Singh Cassidy’s departure:

“We are deeply grateful to Sukhinder for all that she has done for Google since she joined in 2003. She’s an ambitious, entrepreneurial executive who has a proven track record of building successful operations–most notably, developing Google’s advertising sales teams across Asia Pacific and Latin America. We wish her only the best as she pursues her passion to lead and run her own company.”

A place like Accel is often the first stop for consumer tech players like Singh Cassidy before heading out to another leadership job in the industry. It has backed companies like Facebook, Glam Media and many others.

Yahoo (YHOO) EVP Jeff Weiner, for example, was an executive-in-residence at both Accel Partners and Greylock Partners when he left the Internet giant last year before taking a job in December as president at business networking start-up LinkedIn, which is a Greylock investment.

Interestingly, the CEO-in-residence title is a unique one at Accel, which typically gives high-level exiting managers like Singh Cassidy that EIR title.

But that’s what Singh Cassidy is clearly aiming for. She said she was still sad to be departing Google, even as she was looking forward to the next chapter of her career.

“I am leaving a tremendous platform…but Google or any big company does not present the opportunities to pursue management prowess that you can only get as a CEO,” said Singh Cassidy. “I hope the next thing I jump into will have that and also be long and enduring.”

Here’s the entire Accel press release on Singh Cassidy:

Accel Partners Adds Google Executive Sukhinder Singh Cassidy as CEO-in-Residence

Sukhinder Singh Cassidy Brings Growth and Early Stage Experience to the Global Firm

PALO ALTO, CA, April 8, 2009–Accel Partners, a leading global venture and growth equity firm funding companies from inception through the growth stage, today announced the addition of Sukhinder Singh Cassidy as CEO-in-Residence. Ms. Singh Cassidy joins Accel from Google where she served most recently as President for Asia-Pacific (APAC) & Latin American Operations. In this role, she was responsible for all of Google’s commercial operations in both regions, and built the company’s presence from inception to its current scale serving users, advertisers and partners across 40 domains and 103 different countries throughout APAC and Latin America.

“Having already worked with the Accel team as a Google executive and an entrepreneur, I know first-hand Accel’s approach to engaging and supporting their companies,” said Ms. Singh Cassidy, Accel Partners. “Accel’s portfolio of category-transforming digital media companies such as AdMob, Etsy, Facebook, Glam Media, Kayak, and others creates a rich set of opportunities for marketplace dialog and new category creation.”

Ms. Singh Cassidy has a long-standing relationship with Accel having co-founded Accel-backed Yodlee, a leader in the internet financial application and online banking space. As CEO-In-Residence, Ms. Singh Cassidy will be evaluating new venture and growth equity opportunities in partnership with Accel in addition to working with companies in Accel’s digital media and advertising portfolio. “Sukhinder’s reputation as an entrepreneurial leader in both startups and Google are well known in the industry,” said Jim Breyer, Partner, Accel Partners. “We’re very pleased to have Sukhinder join the Accel team.”

“Sukhinder is the rare executive who has excelled both at founding internet companies as well as running a multi-billion dollar business within Google,” said Theresia Gouw Ranzetta, Partner, Accel Partners. “Her experience will be a real asset for both Accel’s early stage and growth franchise.”

“Sukhinder is a world-class Internet executive,” said Sheryl Sandberg, COO of Facebook and former Google colleague of Ms. Singh Cassidy. “It will be great to be working together again as part of the Accel family.”

Prior to running Asia Pacific and Latin America, Ms. Singh Cassidy joined Google in 2003 as the first General Manager for Google Local & Maps, helping to launch these innovative new services, then expanding her responsibilities to lead the company’s strategic partnerships for Google Books, Scholar, and Video. From 1999-2003, Ms. Singh Cassidy was Co-founder and Senior Vice President of Business Development for Yodlee.com Inc., a leading solutions provider to the global financial services industry. Ms Singh Cassidy started her Internet career in strategy and business development, working for Amazon.com and interactive TV provider OpenTV. For her work in the Internet industry, Ms. Singh Cassidy has been profiled in numerous publications globally, including Fortune, Business Week, Canada Post, India Today, and the book, Innovation Nation, profiling Canada’s most innovative business leaders.

In addition to Accel’s continued investments in early-stage startups from the Accel X early stage fund, Accel announced its $480 million growth fund in December of 2008. This fund will focus on growth equity opportunities across a broad range of sectors, including: information technology, internet, digital media, mobile, networking, software, and services. As with Accel’s early-stage efforts, Accel Growth Fund will play an active role in helping entrepreneurs and management teams build category-defining, global businesses.

About Accel Partners

Founded in 1983, Accel Partners has a long history of excellence and innovation in the global venture and growth equity business. It is dedicated to partnering with outstanding entrepreneurs and management teams to build world-class companies, from inception through growth. Accel today invests globally using dedicated teams and market-specific strategies for local geographies, with offices in Palo Alto, California; London, UK; and Bangalore, India; as well as in China via the IDG-Accel Partnership.

With over $6 billion under management, Accel has helped entrepreneurs build over 300 successful category-defining companies including: Actuate, Alfresco, AMCC, Arrowpoint, Baidu, BBN, Brightcove, ComScore, Etsy, Facebook, Focus Media, Foundry Networks, Gameforge, Glam Media, Imperva, Infinera, Interwoven, JBoss, Kayak, Macromedia, metroPCS, Mu Sigma, Polycom/PictureTel, Portal Software, QlikTech, Rapt, Real Networks, Redback Networks, Riverbed, Sohu.com, UUNet, Veritas, Walmart.com, Webroot, XenSource, and Zimbra. For more information, visit the Accel Partners web site at www.accel.com.

Please see this disclosure related to me and Google.

Well-known Silicon Valley entrepreneur Reid Hoffman (pictured here) will become CEO of LinkedIn again, taking on the job he had for nearly four years after founding the business networking company in 2003.

Hoffman replaces current CEO Dan Nye, who has resigned and will leave the company in mid-January. He came to LinkedIn almost two years ago and was positioned then as the person who was going to eventually be taking LinkedIn public.

More interesting in the shift is the appointment of former Yahoo exec Jeff Weiner as interim president, overseeing day-to-day operations at LinkedIn.

Weiner has been an executive-in-residence at both Accel Partners and Greylock Partners (a LinkedIn investor) since he left Yahoo earlier this year.

He will remain at those venture firms during the transition, even though he will be working at LinkedIn too. At Yahoo (YHOO), Weiner was EVP of the Network Division, which included all of its consumer-facing units.

In an interview earlier today, Hoffman portrayed the changes as friendly, praising Nye’s efforts as top exec, noting the company’s growth from eight million members to 33 million, reaching profitability, and its $53 million in funding in June at a $1 billion valuation.

But, Hoffman said, “We came to the decision that I needed to be working full time, driving the vision.”

Nye (pictured here) noted the recent hiring of Google (GOOG) exec Dipchand “Deep” Nishar as VP of products, which he spearheaded, was an important moment. Hoffman had been in charge of products.

“I wanted to grow this company into a world-class operation,” he said. “Now, Reid needs no friction, so he can move quickly and do what’s necessary for the next phase.”

Weiner (pictured here) said he was looking forward to getting back into operations, after playing an advisory role recently. “I have been really impressed with the company the leadership team has built,” he said. “I see a lot more potential going forward.”

Although it has raised $100 million in total, LinkedIn has not been immune to the recent economic weakness across Silicon Valley. It recently did some layoffs too, and has been focusing much more on increasing the number of revenue streams it has.

Below is a video interview I did with Weiner in June of 2007, when he was still at Yahoo.

And, below that is another I did with Nye, nine months after he first got to LinkedIn, in which he talks about his plans for the company. (Yes, that is a Hawaiian shirt, and Nye does give Yahoo advice in it.)

Weiner:

Nye:

Yesterday, BoomTown opined that Microsoft was nearing a decision on who would become the head of its digital efforts.

And, according to several sources and some puzzling by me–if an agreement can be reached–I think that Microsoft (MSFT) CEO Steve Ballmer’s top choice is former Yahoo tech star Qi Lu.

While this is by no means a done deal, Lu is just the kind of top tech exec that Ballmer and Microsoft would warm to over a more media-centric choice like former Yahoo COO Dan Rosensweig or former AOL head Jon Miller.

Lu was EVP of engineering for the Search and Advertising Technology Group at Yahoo (YHOO), where he ran all development initiatives for its search and monetization platforms. He was at Yahoo for a decade.

If Ballmer manages to pull off the hire of Lu–on the heels of already grabbing another top Yahoo search exec, Sean Suchter, which I reported on yesterday–the aggressive exec could almost be bypassing a Yahoo search partnership he has long sought by sucking the talent right out of the place instead.

Ballmer is like Edward in “Twilight,” attracting top-notch search execs to Microsoft’s Redmond HQ, as if they were geek versions of Bella.

Lu would be a different choice for the post than many had expected, with a much more technical background than one in online media or advertising sales.

But since all of Microsoft’s future rests on winning in the search and search advertising space and trying to catch up with its archrival Google (GOOG) from way back in the race, Lu is also well suited for the position.

If Lu takes the job, he will be the boss of three strong digital execs at Microsoft: Satya Nadella, the SVP who heads engineering for Microsoft’s search, portal and advertising platform group; Yusuf Mehdi, whose online services portfolio includes marketing, online audience business development and product management for MSN and the search properties; and Brian McAndrews, the SVP for the advertiser and publisher solutions group.

Lu is known as as solid manager, but he is also called a very nice man and unusually humble for a tech star by many, which could be a good influence on Microsoft.

Before Yahoo, Lu was on the staff of the IBM Almaden Research Center, and worked at both Carnegie Mellon University and Fudan University in China (he also got degrees from both places).

And, in the kind of cred Microsoft likes, Lu holds 20 U.S. patents.

He left Yahoo after becoming dissatisfied with all the turmoil there, quitting in June, without another job lined up.

Since he left Yahoo, there have been rumors that he might be headed to Microsoft, but not in such a prominent job.

There has also been speculation that Lu would take a position at Facebook or even return to China for a tech job.

The well-respected Lu certainly has a multitude of choices, but the chance to lead money-laden Microsoft’s digital efforts–as it suits up for battle with Google–is compelling.

BoomTown has been poking around to try to figure out who Ballmer would choose for the digital head, ever since the man who used to be in charge, Kevin Johnson, quit in July, after the software giant’s takeover bid to buy Yahoo failed.

Several people close to the situation say Microsoft’s Ballmer has been keeping the deliberations close to the vest–perhaps because so many of those he has targeted have declined to consider the job.

But this week, many sources both inside and outside the company have told me that Ballmer is close to announcing his choice.

Annoyingly, one source has decided to play a digital version of “The Da Vinci Code” with me, dribbling out clues–more technical than media, very well liked in Silicon Valley, humble–about the candidate, which he wanted me to solve as if I were Robert Langdon and on the hunt for the progeny of Jesus.

Well, my solution is in: Microsoft’s most promising digital Holy Grail is Lu.

On a related note, bizarrely, the day after this column broke the story about Lu’s leaving Yahoo, I caught him by accident in the background of a video I was doing at a Harvard Business School event honoring Facebook’s Mark Zuckerberg.

You can see him at 4:14 minutes in the video, laughing at me, as I bother Greylock Partners VC David Sze and make a bad pun related to former Yahoo exec Jeff Weiner’s departure from Yahoo.

Here’s that video:

Please see this disclosure related to me and Google.

According to several sources, Facebook has discussed eliminating the observer status slots from its board.

Those positions are currently held by Greylock Partners David Sze (pictured here) and also Paul Madera of Meritech Capital Partners, both of whom are early Facebook investors, and they currently remain on the board as they always have been.

In any case, it’s not clear if Facebook can remove that status from preferred investors.

But the company might be discussing it because–as Facebook grows–it needs a more formal board process, especially as it prepares for a public offering sometime in the future.

In that case, the observer slot might be eliminated as the company moves to add more full-time members to the board. Observers do not attend all parts of the board meetings.

While Madera (pictured here) and Sze, well-regarded and well-liked Silicon Valley investors, could be in line for those slots, Facebook is unlikely to want too many venture capitalists on the board permanently.

The board already includes Accel Partners’ Jim Breyer, whose firm has a large investment in the company; Founders Fund’s Peter Thiel, the original investor in the privately held social-networking site; and, more recently, longtime Silicon Valley entrepreneur Marc Andreessen.

Greylock and Meritech were one of the earlier investors in Facebook, although its stake is smaller than that of Accel and Founders Fund.

A Facebook spokesperson had no information about such a development; I have a call and an email into Sze for comment, which he has not yet returned.

And, as usual, I was video-harassing Greylock Partner’s David Sze and James Slavet about the acquisition of Yahoo (YHOO) Network division head Jeff Weiner into the firm as an executive in residence.

I prodded: “This is the pair that sucked Weiner away from Yahoo. Not that it was hard.”

Sze then joked: “Hah! It was enjoyable! I may do it again!”

He may, apparently, because the man eating his dinner to Sze’s immediate right and quietly snickering at my video attack of the VCs is none other than Qi Lu (see the screen grab of the video below), the beloved rock star Yahoo tech leader.

Big irony: News of Lu’s departure from Yahoo was broken in this column last night.

Yes, I am an ace reporter, given I don’t even recognize my prey!

So why was Lu there at the Greylock table, especially since he is not an HBS alum?

Perhaps Sze was actually telling the truth and is interested in bringing Lu–who is incredibly well regarded at Yahoo and is said to be a prince of a guy–into Greylock as an executive in residence like Weiner.

Or maybe, just maybe, as the new CTO of Facebook, a job that is open now that Adam D’Angelo–longtime friend of Facebook CEO and Founder Mark Zuckerberg–vacated it recently.

Greylock is one of Facebook’s big investors and Sze is an observer to its board.

As Silicon Valley turns!

Here’s the whole video of the dinner again (Lu’s appearance is about four minutes in):

Oh the sweet irony of Facebook Founder and CEO Mark Zuckerberg getting awarded a big round glass object, suitable for mantel-showing-off, from Harvard types.

Especially since he is now the school’s second most famous tech mogul dropout–after Microsoft’s Bill Gates.

But that was the case last night at the San Francisco Airport Hyatt Regency, where the 24-year-old Zuckerberg collected the 30th Entrepreneurial Company of the Year Award from the Harvard Business School Association of Northern California.

As is required at dinners like this, Zuckerberg had to sing for his supper in a post-meal interview about the hot social-networking site’s past and future.

At first, he did clarify that he was technically “on leave” from Harvard, as Gates also is, which the crowd loved.

(But, memo to Harvard Yard: Neither Gates nor Zuckerberg is coming back, so don’t leave the lights on.)

Zuckerberg (pictured here with me) also used the term “share information” in the interview, perhaps even more than he did onstage when I interviewed him at the D: All Things Digital conference last month.

And so much so that it could be the basis for a raucous drinking game where you take a shot every time he says “share information,” which would make you dangerously inebriated within 56 seconds.

Zuckerberg also strongly reiterated his statement that Facebook was not for sale, which is especially important now that it looks like a tastier treat to Microsoft (MSFT), in the wake of its failed takeover of Yahoo (YHOO).

But Zuckerberg specifically nixed a sale to Microsoft, which invested $240 million in Facebook and gave it its infamous $15 billion valuation.

He was joined onstage by Facebook COO Sheryl Sandberg–who is an academically scary double whammy, holding a master’s degree in business administration with highest distinction from the Harvard Business School and a bachelor’s degree summa cum laude in economics from Harvard University.

Plus Sandberg has a really effective hairy eyeball that she used to stop me from stalking her or Zuckerberg with my Flip camera.

Still, BoomTown managed to get some video of those attending the event, which was heavy with tech types.

My various quarry dispensed business advice, all while I mocked Harvard (lovingly, so don’t gripe that I am envious–am not).

So, here’s my video of last night’s event, which includes: Piczo CEO Jeremy Verba (HBS); Facebook’s Ben Ling (not Harvard) and Elliot Schrage (Harvard undergrad, masters, law!); Greylock Partners’ James Slavet (HBS) and David Sze (horrors–Yale!); Accel Partners’ Jim Breyer (HBS); and the glass award itself (totally HBS!).

And, once again, here’s Zuckerberg and Sandberg in action, somehow withstanding my withering questions at D6:

Part One

Part Two

In a much-expected financing, LinkedIn has joined the big funding club (Slide, Spot Runner) of late, by raising $53 million at a startling $1 billion valuation.

Why go public when you can just pretend?

Actually, unlike a lot of Web 2.0 start-ups, the professional networking site, which had 23 million active monthly members in June, has been profitable since 2006.

According to execs, it has revenues of about $100 million a year, from premium subscriptions and job listings, as well was advertising and corporate sales.

The new slug of cash comes from new investor Bain Capital Ventures, along with existing investors Sequoia Capital, Greylock Partners, and Bessemer Ventures.

LinkedIn had previously raised $27 million for a total of $80 million. Yipes!

“This additional funding will give us even more flexibility to execute on our vision for millions of professionals to increase their effectiveness by using LinkedIn to build relationships and exchange knowledge, opportunities and advice,” wrote LinkedIn CEO Dan Nye (pictured here) in a blog post tonight.

In an interview with LinkedIn’s founding CEO and Chairman Reid Hoffman (pictured here) today, he told BoomTown that the money raised would be used for corporate development and acquisitions.

“We’ll be doing small technology acquisitions to improve our service,” said Hoffman. He also noted that it was unlikely the company would be doing an IPO in the immediate future, which has been bandied about.

“We have no immediate plans” for a public offering, said Hoffman. “We still have a lot of ground to cover to grow.”

Comparing the the business-oriented LinkedIn professional network with hot social networks like Facebook, Hoffman noted: “They have page views and time on the site and are looking for a scalable economic model and we have an economic model and will focus on growing usage.”

LinkedIn certainly has been growing its coffers. It raised $5.2 million in its first round, $10 million in its second and $12.8 million in its third.

Here is a video of LinkedIn’s investors trying mightily to play down the $1 billion valuation, while also pumping it up.

You gotta love the cheerleading of Greylock’s David Sze, Bessemer’s David Cowan and Mark Kvamme of Sequoia, along with new investor Jeffrey Glass of Bain (who will join LinkedIn’s board as an observer):

Actually, the movie about a misfit who conquers despite the odds would make a nice metaphor for Yahoo these days, especially if the company could be motivated to butt-kicking activity simply by a desire for tasty dumplings.

As I previously posted, Weiner’s departure from Yahoo (YHOO) was made official today in an announcement by Accel Partners and Greylock Partners, where he will become an executive in residence.

I would decode this latest letter, sent to me by several Yahoos, as usual, but it is kind of vintage Yahoo–with an all’s-well-that-ends-badly tone of most of the company’s missives of late.

So let’s just let it speak for itself:

As some of you may know, Jeff Weiner and his wife Lisette celebrated the birth of their new baby girl, Sophia, four weeks ago, and Jeff has been on a scheduled paternity leave. Over the course of his time away, Jeff and I spoke a few times as he reflected on his priorities. After careful consideration, he has decided to leave Yahoo to spend more time at home with his new family before beginning a new chapter in his career. On an interim basis, Jeff’s team will report to me as we consider how to best move the organization forward.

Sue

Also, here’s that much more entertaining chopsticks-dumpling fight scene from “Kung Fu Panda”:

That obviously means Weiner (pictured here) is officially out at Yahoo (YHOO) too.

[UPDATE: Accel just announced the move on its Web site here.]

Of course, loyal readers of BoomTown would have known about this development last week, when this column broke the news of Weiner’s departure from Yahoo, where he was one of its top execs, in charge of all consumer-facing products at the company.

Now, he will presumably be dispensing advice to Web 2.0 start-ups, most of whom are probably interested in being bought by a consumer-facing company like Yahoo.

From the Accel release: “Weiner will advise the leadership teams of existing Accel and Greylock consumer technology portfolio companies, and will also work closely with the firm’s partners to evaluate new investment opportunities.

“ ‘Jeff’s operational experience in scaling products, teams and revenue will help Greylock enhance our capabilities and add value to our investments,’ said David Sze, general partner at Greylock.

“Weiner brings outstanding leadership experience and a deep knowledge of the consumer Internet and digital media sector to his new role. ‘We are thrilled to have access to Jeff’s perspective on Web product strategy and operations,’ said Theresia Ranzetta, general partner at Accel. ‘Additionally, we look forward to leveraging Jeff’s expertise regarding the convergence of media and technology for existing and future Accel portfolio properties.’ “

Shuttling between two firms is an unusual arrangement, although Accel and Greylock have made some investments together, such as in the hot social network Facebook.

As I also noted, it is unlikely that Weiner will be replaced at Yahoo, with more power likely to flow to Global Partner Solutions EVP Hilary Schneider, which I posted on last week too.

In other words, Yahoo is about to undergo yet another heavy-handed, ornery organization (YAHOO!).

Jeff Weiner (pictured here), as BoomTown reported in a story broken by BoomTown Tuesday and also yesterday, will be leaving Yahoo (YHOO) to become an entrepreneur in residence at both Accel Partners and Greylock Partners.

But, despite a lot of speculation on the subject by sites like TechCrunch (whose curiously petulant lifting of actual reporting done by others–in this case, BoomTown–without any attribution is fast approaching pathetic), let’s try some more actual reporting:

Sources at the company said that Weiner will not likely be replaced as Network division head by one of his four direct reports.

Those execs are: Front Door and Network Services’ Tapan Bhat, Brad Garlinghouse, who heads Yahoo’s communications and communities arenas, Media Group head Scott Moore and Yahoo Search’s Vish Makhijani.

Instead, sources at the company think much of Weiner’s organization could be headed by Hilary Schneider (pictured here), who is EVP Global Partner Solutions, in order to better align Yahoo’s ad revenue-producing units with its products, software, search and services side.

Not having those responsible for selling ads in close sync with, for example, new content or software initiatives has produced a level of frustration with executive ranks at the company.

The setup would create more of a global product organization, with more integrated sales and product development.

“It would be nice to have sales in the room now, as we develop services, instead of totally separate,” said one exec at Yahoo.

Whatever the resulting organization, Weiner’s departure gives President Sue Decker the ability to more dramatically rejigger Yahoo’s top echelons to better focus the company on its stated objectives of becoming the premier ad network and a consumer “starting point.”

Schneider is a Decker favorite, having been brought to the company from Knight Ridder in the fall of 2006, making her a much later arrival to Yahoo than Weiner, who came in 2001.

She is very well-liked by Yahoo troops and is considered a strong leader at the company.

A move to give her more responsibility would also be accompanied by allowing Weiner’s reports to have more autonomy over their units.

It could also presage a move to make Decker the CEO eventually, with Schneider as her No. 2 and Yahoo CEO Jerry Yang as chairman.

Currently, the company is unlikely to make such a drastic change, especially since it is under siege in a proxy battle being waged by billionaire icon Carl Icahn.

Icahn has recently called for Yang’s ouster, in the wake of its failed takeover talks with Microsoft (MSFT), a fight that has tarnished both Yang and Decker on Wall Street and even within Yahoo ranks.

In any case, there is no timing on these moves as yet, as the company was caught unaware by Weiner’s plans, sources said, since he was on paternity leave.

Weiner had not indicated that he was considering leaving for good until recently, although many inside and outside the company had surmised that he would eventually leave after former CEO and Chairman Terry Semel did early in the year.

Weiner came to Yahoo with Semel and is a longtime protege of the former Hollywood exec.

Yesterday, writing about executive stress at Yahoo, BoomTown posted about the swirling speculation around the fate of Jeff Weiner, the Network division EVP, who many at Yahoo (YHOO) think will soon be headed out the door after his recent paternity leave of four weeks.

As we wrote, Weiner plans to come back next Monday from that sojourn–well, for first-time parents, this roughly translates as the land-of-no-sleep–although he is likely to leave the company within weeks.

The paidContent site, in flagging our report, noted that “we’re being cautioned from within Yahoo not to leap to conclusions–that it wouldn’t be shocking if he decides to ratchet back and get some more family time or if he feels like the leave offered enough of a break to merit sticking around.”

But it’s Yahoo top brass, apparently well aware of Weiner’s intentions, who are going to have to stretch to get him to stay.

Several sources in Silicon Valley’s voluble venture community confirm the high-ranking exec has been offered and seems likely to accept a spot splitting his time as an executive in residence at two firms–Accel Partners and Greylock Partners.

Both firms are the home of several former Yahoos and also are deeply invested in the Web 2.0 consumer market, including each having a stake in Facebook.

Such an alternative might be a perfect aerie and rest stop for the energetic exec who came to Yahoo with former CEO and Chairman Terry Semel in 2001, when the company was in its last period of turmoil.

While leaving now might seem like another instance of Yahoo’s brain drain, BoomTown surmises it might just be time for Weiner–who was one of the more unlikely execs to stay around if the takeover attempt by Microsoft (MSFT) was successful anyway–to move on and try new things.

Yahoo’s board has been meeting today and, doubtlessly, its directors had a lot to talk about (more on that later!).

Of course, there’s the obvious topic of having to figure out how best to deal with the noisy stylings of billionaire investor Carl Icahn, who is waging a proxy war on Yahoo (YHOO) and calling for new management at the top.

But perhaps what the board should be focused on is the old management at Yahoo, especially in the levels just below the top, who have been operating the company under a lot of stress for far too long.

These would be those not involved in the deal–which has been essentially restricted to the board and also to CEO Jerry Yang, President Sue Decker and CFO Blake Jorgensen.

Yahoo’s operating execs have only been brought in when they are asked to assess the impact of possible options.

So with the clear-cut deal to be acquired by Microsoft (MSFT) seemingly off the table for now and a range of squishier partial ones being considered with either Microsoft or Google (GOOG), along with the continuing distraction of Icahn’s three-ring circus, it has not been easy for its execs to keep focus.

Thus, many continue to consider their options.

The latest speculation, for example, surrounds the fate of Network division EVP Jeff Weiner (pictured here), who has been on paternity leave for four weeks and will return to work next Monday, sources said.

Sources also tell me there will be a major internal announcement tomorrow and many quickly speculated to me that it would concern Weiner’s fate.

Not quite yet. But most at Yahoo I have spoken to do not expect him to stay long, even leaving within the next few weeks, pointing to the continued uncertainty at the company and also, I would imagine, sheer weariness.

Weiner came to Yahoo with former CEO and Chairman Terry Semel in the 2001, the last period Yahoo was in major distress.

And BoomTown has learned that this internal rumor is borne out by several sources within the venture capital community, who have been speaking to Weiner very recently about coming there as an executive in residence.

The obvious candidates for a new home for Weiner are the top firms, such as Accel Partners and Greylock Partners and perhaps even Benchmark Capital or Sequoia Capital, all of which have ties to Yahoo and have several former Yahoos on staff.

A Weiner departure would leave a big hole at Yahoo, and it is not clear which of his top four SVP reports would take his place–Front Door and Network Services’ Tapan Bhat, Brad Garlinghouse, who heads Yahoo’s communications and communities arenas, Media Group head Scott Moore and Yahoo Search’s Vish Makhijani–if at all.

Or even if Yang and Decker will keep the same setup in place.

That might mean another reorg, which has long been a specialty of Yahoo, to reorder its divisions even more leanly or to put more revenue accountability within the units.

Right now, that responsibility lies primarily with Hilary Schneider (pictured here), EVP Global Partner Solutions, who runs all ad sales.

Of all the top execs–even though she has reportedly been offered many jobs outside Yahoo–Schneider is expected to stay, having been brought into Yahoo more recently by Decker.

Translation: She is not exhausted by all the drama at Yahoo quite yet.

Today, in yet another episode of the Web 2.0 lottery, Social Gaming Network grabbed $15 million in funding for its widgety gaming apps that are popular on Facebook and other social-networking sites.

The round, led by Greylock Partners, Founders Fund, Columbia Capital and Novak Biddle Venture Partners, will go toward expanding its offerings, which include the popular Warbook, and also its network for other developers to create and publish online games on.

SGN grew out of Webs.com, which used to be known as Freewebs.

While BoomTown often makes fun of viral apps, most of which are faddish and juvenile, the better made gaming apps actually are likely to be a real business over time, as long they remain engaging and fun to play as the classic real-life games are.

After all, who ever gets sick of Candyland?

SGN’s games are not quite that, focusing more on strategy and bang-bang that 12-year-old boys of any age so love, but, CEO Shervin Pishevar promises, with increasingly rich features and better graphics.

The business plan? Advertising, of course, especially sponsorships, as well as the sale of virtual goods and premium offerings.

SGN’s other popular online games include FightClub, StreetRace, Jetman, Text Twirl and Free Gifts. It has 1.1 million daily active users mostly across Facebook, but also on Bebo, hi5, and MySpace.

In the space, its main competitor is Zynga (here is a post and video with its founder, Mark Pincus). Naturally, the two bicker back and forth in the blogosphere about size and quality of games.

But it seems to me that there is room for both, so the fighting seems like a lot of noisy, well, game-playing.

Here’s Pishevar talking about the sector:

Silicon Valley luminary Marc Andreessen (pictured here) has been asked to join the board of Facebook, according to several sources with knowledge of the situation.

While the arrangement is not completed yet, sources said the longtime entrepreneur has verbally agreed to accept the post to become the fourth member of the board of the Palo Alto, Calif.-based social-networking site.

Other board members include Accel Partners Jim Breyer, Founders Fund’s Peter Thiel and Facebook CEO and Founder Mark Zuckerberg. Greylock Partners David Sze also has observer status on the board.

Since he co-founded browser pioneer Netscape in the 1990s and helped usher in the Internet age, Andreessen has been an active investor and has created several successful start-ups.

His most current effort has been Ning, also based in Palo Alto, which is a white-label social-networking company that recently raised another $60 million in funding.

If Andreessen joins Facebook’s board, the move is yet another sign that the much-hyped start-up, which has undergone some growing pains over the last year, as well as garnering a $15 billion valuation, is growing up by bringing some major high-profile tech figures into its ranks.

Last night, for example, BoomTown broke the news that Google PR head Elliot Schrage had accepted a similiar job at Facebook.

That comes after Facebook hired another top Google (GOOG) exec, Sheryl Sandberg, as its COO, in March.

A while back, BoomTown suggested that Web 1.0 golden boy Andreessen–pictured here on the iconic Time magazine cover in 1996–would be a good mentor for current golden boy Zuckerberg, in a piece I did about potential execs for Facebook.

As I wrote in February:

But why not go for the man who was Zuckerberg before Zuckerberg was cool. Yes, the shiniest of Golden Geeks himself, Marc Andreessen.

I could go on and on about the similarities I find between the two, if you compared today’s Zuckerberg with the Netscape founder in the mid-1990s.

From their arrogant innocence to their visionary qualities to their enfant-terrible charm, it is almost as if they were separated at birth.

But now Andreessen is all grown up and much, much matured from when I covered him. He has become all calm and sage and he even does a very decent blog.

Plus, he has also started and run a number of start-ups after Netscape, giving him deeper managerial experience over the last dozen years.

And, best of all, Andreessen knows the pressure of being the best-thing-since-sliced-bread in the tech sector, and its inevitable downside too.

Overall, a real mentor and partner for Zuckerberg, making a perfect pair of Golden Geeks.”