Xing appoints former eBay manager as chief executive

LONDON - Xing, the business-oriented social network, has announced that Dr Stefan Gross-Selbeck has been appointed as its new chief executive.

Xing: social network has appointed Stefan Gross-Selbeck as chief executive
Xing: social network has appointed Stefan Gross-Selbeck as chief executive

Gross-Selbeck has worked in various management positions for eBay since 2002, and has been responsible for the German business division since 2004.

He succeeds Lars Hinrichs, who will become a member of the company’s board.

After five years under Hinrichs’ leadership, Xing said it is now well positioned for further growth in both its business-to-business and business-to-consumer divisions.

Hinrichs said: As the market leader in Europe, with more than 170 employees, we take care of 6.5 million members and have succeeded in generating record figures for the number of users, sales revenues and earnings during each of the seven reporting quarters since our IPO.

Last week, Xing announced that it generated ad revenue of €1.7m (£1.4m) for the first nine months of 2008.

Total revenue for the period reached €25m (£21m), with 514,000 paying members contributing €20m (£17m) to the figure. The results show healthy year-on-year growth, compared to total revenues at €12.5m (£10.5m) and 325,000 paying members in the same period in 2007.

Launched in the UK in April this year, Xing is one of the few social networks to release a breakdown of its revenue figures.

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