In a major executive shuffle, LinkedIn founder Reid Hoffman is reclaiming his role as CEO and bringing former Yahoo (NSDQ: YHOO) Jeff Weiner in as interim president, per the LAT. Dan Nye, who’s held the CEO post since Hoffman recruited him for the gig in early 2007, did not reveal what his plans would be once he left the company in January.

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Nye’s departure comes somewhat out of left field (though the LAT says he’d been discussing it with Hoffman for months), as LinkedIn has flourished under his leadership. The professional social network raised more than $70 million in funding in 2008, including $22.7 million from investors including McGraw-Hill two months ago, and a mammoth $53 million round led by Bain Capital Ventures in June, lifting its valuation past the $1 billion mark.

LinkedIn also diversified its revenue stream to include an ad network and content and functionality partnerships with media providers like CNBC—and it’s projected to close out 2008 with close to $100 million in revenues. The company even successfully poached Google’s mobile guru Dipchand “Deep” Nishar last week. Nishar will head up product development, duties Nye had some claim to—which could be partly why he’s headed out the door.

Meanwhile, Hoffman’s new right-hand man Weiner currently serves as entrepreneur-in-residence at both Accel Partners and Greylock Partners (one of LinkedIn’s backers). Weiner didn’t say how long he’d stay on as the social net’s president, but he did note that the job would be a “natural extension” of how he’d already been working with LinkedIn through Greylock.