Pinterest Announces Partnership with Elliott Investment Management
06 Dezembro 2022 - 6:06PM
Business Wire
Marc Steinberg Joins Board as Independent
Director
Pinterest, Inc. (NYSE: PINS) today announced it has entered into
a long-term cooperation agreement with Elliott Investment
Management L.P. (together with certain affiliates, “Elliott”),
including the appointment of Marc Steinberg, Senior Portfolio
Manager at Elliott, to the Board of Directors effective December
16, 2022.
“We’d like to welcome Marc to the Pinterest Board following our
collaborative dialogue with Marc, Jesse Cohn, and Elliott over the
past few months,” said Bill Ready, Chief Executive Officer,
Pinterest. “We appreciate the perspective the team brings, as well
as their commitment to our Company and mission. We believe in
engaging our key stakeholders consistently and this one-of-a-kind
agreement with Elliott is a result of that. We look forward to
working together as we execute on our strategy to increase
engagement with users, deepen monetization per user, and build
personalized experiences on Pinterest that go from inspiration and
intent to action – all while creating a more positive and inspiring
place online.”
“Pinterest’s unique business model is at the intersection of
search, social media and commerce, with significant opportunity for
growth and value creation,” said Marc Steinberg. “Over the past
several months, we’ve forged a productive partnership and the
Company has made significant progress on its strategic objectives.
We believe that Bill and the Pinterest team are the right leaders
to guide the Company forward and we think they have only scratched
the surface of the Company’s potential. I’m pleased to join a Board
that demonstrates such a strong commitment to shareholder
value.”
“Elliott understands our vision at Pinterest: to build a place
where Pinners can find inspiration and, in doing so, create value
for businesses,” said Ben Silbermann, Co-founder and Executive
Chairman, Pinterest. “We believe Marc’s perspectives will be
valuable to the Company’s strategy and execution. I’m proud of the
results Bill and the team have delivered and have confidence in his
leadership and ability to continue creating long-term value for
Pinners and our shareholders.”
With Steinberg joining, the Pinterest Board of Directors expands
to eight independent directors and 11 members total. Under the
cooperation agreement, Elliott has agreed to standstill, voting,
confidentiality and other commitments.
About Marc Steinberg
Marc Steinberg is a Senior Portfolio Manager at Elliott. He is
responsible for public and private equity investments across a
range of industries, including the technology, media and
telecommunications sectors. He currently serves on the board of
directors of two private companies: Nielsen, a global leader in
audience insights, data and analytics, and Cubic, a
technology-driven provider of solutions for public transit and
defense applications. Prior to joining Elliott in 2015, Mr.
Steinberg worked at investment bank Centerview Partners. Mr.
Steinberg received his A.B. from Harvard College, from which he
graduated magna cum laude and Phi Beta Kappa.
About Pinterest
Pinterest is the daily visual inspiration platform people around
the world use to shop products personalized to their taste, find
ideas to do offline and discover the most inspiring content. People
have saved more than 390 billion Pins across a range of interests
from building a home office to cooking a new recipe and planning a
vacation. Headquartered in San Francisco, Pinterest launched in
2010 and has more than 400 million monthly active users worldwide.
Available on iOS and Android, and at pinterest.com.
Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Exchange Act of 1934, as amended,
about us and our industry that involve substantial risks and
uncertainties, including, among other things, statements about our
future operational and financial performance. Words such as
“believe,” “project,” “may,” “will,” “estimate,” “continue,”
“anticipate,” “intend,” “expect,” “plan” and similar expressions
are intended to identify forward-looking statements. These
forward-looking statements are only predictions and may differ
materially from actual results due to a variety of factors
including: general economic and political uncertainty in global
markets and a worsening of global economic conditions or low levels
of economic growth, including inflation, foreign exchange
fluctuations and supply-chain issues as well as events such as
Russia's invasion of Ukraine; our ability to provide useful and
relevant content; our ability to attract and retain creators that
create relevant and engaging content on our platform; risks
associated with new products and changes to existing products as
well as other new business initiatives; our ability to maintain and
enhance our brand and reputation; compromises in security; our
financial performance and fluctuations in operating results; our
dependency on online application stores' and internet search
engines’ methodologies and policies; discontinuation, disruptions
or outages in authentication by third-party login providers;
changes by third-party login providers that restrict our access or
ability to identify users; competition; our ability to scale our
business and revenue model; our reliance on advertising revenue and
our ability to attract and retain advertisers and effectively
measure advertising campaigns; our ability to effectively manage
growth and expand and monetize our platform internationally; our
lack of operating history and ability to sustain profitability;
decisions that reduce short-term revenue or profitability or do not
produce expected long-term benefits; the impact of the COVID-19
pandemic, including its impact on our business as well as on global
and regional economies and economic activity; risks associated with
government actions, laws and regulations that could restrict access
to our products or impair our business; litigation and government
inquiries; privacy, data and other regulatory concerns; real or
perceived inaccuracies in metrics related to our business;
disruption, degradation or interference with our hosting services
and infrastructure; our ability to attract and retain personnel;
and the dual class structure of our common stock and its effect of
concentrating voting control with stockholders who held our capital
stock prior to the completion of our initial public offering. These
and other potential risks and uncertainties that could cause actual
results to differ from the results predicted are more fully
detailed in our Quarterly Report on Form 10-Q for the fiscal
quarter ended September 30, 2022, which is available on our
investor relations website at investor.pinterestinc.com and on the
SEC website at www.sec.gov. Undue reliance should not be placed on
the forward-looking statements in this press release, which are
based on information available to us on the date hereof. We
undertake no duty to update this information unless required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20221206005978/en/
Press: Tessa Chen press@pinterest.com
Investor relations: Neil Doshi ir@pinterest.com
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