Pinterest Inc. announced that Chief Executive Officer Ben Silbermann would step down and give Google Commerce Executive Bill Ready control of the social media site. With Ready‘s appointment, Silbermann‘s 12-year leadership of the company, which began in 2010 when he co-founded it, comes to an end. According to the business, he will now assume the newly created position of executive chairman and keep his board seat, while Ready will also join the board.
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KEY POINTS:
- The news highlighted a shift in focus at Pinterest away from its advertising-based business model and drove the company’s shares higher by 9% in after-hours trading.
- Ready, a 42-year-old executive, joins the business after spending the previous two years overseeing commerce and payment operations at the Alphabet Inc.-owned search juggernaut. At PayPal, Ready also served in senior executive positions.
- Since then, Pinterest has rapidly expanded and presently has more than 430 million active monthly users.
- Ready will be paid a $400,000 yearly salary and be qualified for a stock option award that would allow him to purchase nearly 8.6 million Class A shares.
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