Previously, Marc was an Associate Por tfolio Manager at Investment Firm and also held positions at Centerview Partners, . .article-native-ad svg { With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. .article-native-ad { . Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous . Pinterest CEO Bill Ready, who took the job in June, called the deal with Elliott a "one-of-a-kind agreement" and said the company "appreciates the perspective" Steinberg, Jesse Cohn, a managing . margin: 0 45px; 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. This will alert our moderators to take action. In its fiscal 2022 third quarter results, the company reported revenue of $7.84 billion, up 14% from a year earlier. Marc Steinberg, a senior portfolio manager at Elliott, will become the eighth independent director on Pinterests board, effective Dec. 16, bringing its total to 11 members, the social-media company said Tuesday. Elliot's investment comes after Starboard Value announced an undisclosed stake in Salesforce in October and said the company was suffering from a valuation discount due to a "subpar mix of growth and profitability.". Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. CNBC reported on Monday that activist investor Jeff Ubben's Inclusive Capital Partners also took a stake in Salesforce, however, the report did not reveal the size of the holding. Having gotten to know both incoming Chairman Bret Taylor and incoming CEO Parag Agrawal, we are confident that they are the right leaders for Twitter at this pivotal moment for the company. Headquartered in San Francisco, Pinterest launched in 2010 and has more than 400 million monthly active users worldwide. The hedge fund and Salesforce did not immediately respond to a Reuters request for comment, and Elliott declined to comment. Attorney at Irwin, Lewin, Cohn & Lewin, PC. This household appliance maker could see a technical bounce back from lows. Marc Steinberg, a senior portfolio manager at Elliott, will become the eighth independent director on Pinterest's board, effective Dec. 16, bringing its total to 11 members, the social-media . Announcing the layoffs, Benioff cited the economic slowdown that has resulted in many of its customers reducing spending on software. Cohn, who has served on the boards of several technology companies including Twitter and eBay, called Salesforce "one of the preeminent software companies in the world.". View source version on businesswire.com: ir@pinterest.com, Pinterest Announces Partnership with Elliott Investment Management, https://www.businesswire.com/news/home/20221206005978/en/. This field is for validation purposes and should be left unchanged. Two of Indias leading indices fell nearly 0.5% on Monday to extend losses for a seventh straight session. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. from 8 AM - 9 PM ET. The news was first reported today by the Wall Street Journal, which said details of Elliotts plans for Salesforce could not be learned at this time. So It Redesigned Its Iconic Can. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. DISCLAIMER | PRIVACY POLICY | RELATED SITES. We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars. Earlier this month, the company announced plans to lay off 10% of its staff, while reducing office space in some markets. click here! Availability: Upon contact. https://www.businesswire.com/news/home/20221206005978/en/, Investor relations: Experience Your Economic Times Newspaper, The Digital Way! 18 HOURS AGO, POLICY - BY MARIA DEUTSCHER . PINS Price Action: Pinterest has a 52-week high of $41.23 and a 52-week low of . It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. "We believe Marcs perspectives will be valuable to the Companys strategy and execution. "Wed 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. $ + tax ", "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. Your Reason has been Reported to the admin. 625 followers . in Economics from the University of Pennsylvanias Wharton School of Business, from which he graduated summa cum laude. Twitter is now executing against an ambitious multi-year plan to dramatically increase the company's reach and value, and we look forward to the next chapter of Twitter's story. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. line-height:1.5; The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. Campbells Soup Sales Were Declining. Informacin sobre tu dispositivo y conexin a Internet, como tu direccin IP, Actividad de navegacin y bsqueda al utilizar sitios web y aplicaciones de Yahoo. Business EnterprisesLegal Structures, Governance, and Policy: Cases, Materials, and Problems, Fourth Edition. Copyright 2023 Bennett, Coleman & Co. Ltd. All rights reserved. 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., Pinterests unique business model is at the intersection of search, social media and commerce, with significant opportunity for growth and value creation, said Marc Steinberg. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under . Mark Steinberg Earns $20 Million a Year Representing Tiger Woods and Other Athletes. Last year, it forced Pinterest Inc. to add senior Elliott portfolio manager Marc Steinberg to its board. .article-native-ad p { Marc Steinberg's Explore Concordia page. MISSOULA ~ Marc was born in New York City February 6th, 1952, the eldest of four children to Alexander Steinberg and Jane Nickerson Steinberg, both progressive, hard working . Dont miss out on ET Prime stories! 2022 Elliott Investment Management L.P. All rights reserved. Neil Doshi Get this delivered to your inbox, and more info about our products and services. Elliott Investment Management L.P. manages approximately $48 billion of assets. Email: Marc.Steinberg@concordia.ca. He'll also sit on Pinterest's board's audit and risk committees. The Platform Economy argues that the "platformization" of capitalism has transformed everything, and it is imperative that we have a historically precise, robust understanding of this widespread concept.Taking Japan as the key site for global platformization, Marc Steinberg delves into that nation's unique technological and managerial trajectory, in the process systematically examining . Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. There are 50+ professionals named "Marc Steinberg", who use LinkedIn to exchange information, ideas, and opportunities. All Rights Reserved. Elliott Partner Jesse Cohn and Associate Portfolio Manager Marc Steinberg issued a statement commending Stephenson, Lead Director Matt Rose and the entire board and management team. Im 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. The two sides had been holding talks for several months. Elliott has made many technology-focused investments. Salesforce is valued at $151.3 billion. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Marc Steinberg Joins Board as Independent Director. Douglas M. Branson, Joan Macleod Heminway, Mark J. Loewenstein, Marc I. Steinberg. SOURCE Elliott Investment Management L.P. Cision Distribution 888-776-0942 New York, New York. 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. Elliott has agreed to standstill, voting, confidentiality and other commitments as part of the cooperation agreement. /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that have an approximately $1 . Customer Service. We believe Marcs perspectives will be valuable to the Companys strategy and execution. Salesforce has already had to deal with one activist investor. 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. Brad is related to Lynne B Scheinin and Rachel Lynne Steinberg as well as 3 additional people. Haz clic en Gestionar ajustes para obtener ms informacin y gestionar tus opciones. A message from John Furrier, co-founder of SiliconANGLE: Show your support for our mission by joining our Cube Club and Cube Event Community of experts. 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Mr. Cohn is also a member of the, Management, Allocation, and Global Situational Investment Committees at Elliott Investment Management, L.P. Mr. Cohn is a member of the Advisory Board at the Harvard Law School Program on. Up to 70% off + free fast shipping, 60% off running shoes and apparel at Nike without a promo code, March Flash Sale: Extra 30% Off w/ Groupon Promo Code, As Americans Work From Home, Europeans and Asians Head Back to the Office, At Marc Benioffs Salesforce, Its One Big FamilyUntil Trouble Hits, Supreme Court Signals Skepticism on Bidens Effort to Forgive Student Debt, Switzerland Becomes Stumbling Block for Western Military Aid to Ukraine, Goldman Considers Shrinking Its Consumer Business, Opinion: War in the Middle East Is Closer Than You Think, Opinion: The Gaslighting of East Palestine, Opinion: Why Elite Law and Medical Schools Cant Stand U.S. News, Opinion: Why Were Challenging Bidens Student-Debt Power Grab. As part of the deal, Elliott senior portfolio manager Marc Steinberg will join Pinterests board of directors, effective Dec. 16. 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 Companys potential. View source version on businesswire.com: https://www.businesswire.com/news/home/20221206005978/en/, Investor relations:Neil Doshiir@pinterest.com, https://www.businesswire.com/news/home/20221206005978/en/, Consumers keep feeling better about today and worse about tomorrow: Morning Brief, Chinese video streaming platform iQIYI to raise $600 million through convertible bonds, GLOBAL MARKETS-Stocks rally, bonds tumble as China manufacturing rebounds, inflation weighs, Protests make Norway's energy minister cancels UK trip, US subsidies are appealing to German companies-survey. He is responsible for public and private equity investments across a range of industries, including the technology, media and . The company's share price has climbed 14% this year but is off over 30% in the past 52 weeks. He added that he has "developed a deep respect for Marc Benioff and what he has built." (if applicable) for The Wall Street Journal. Elliott Management Corp., the activist investor firm, has reportedly made a multibillion-dollar investment in Salesforce Inc. Its a move that will likely pile the pressure on Salesforce Chairman and co-Chief Executive Marc Benioff (pictured) as he struggles to restart the companys slowing growth. Though that may not seem too bad, it still represents a significant slowdown from the 27% revenue growth Salesforce recorded in the same period a year earlier. Marc Steinberg Joins Board as Independent Director. Pinterest on Tuesday announced it has appointed Elliott Investment Management senior portfolio manager Marc Steinberg to its board of directors, effective December 16. According to regulatory filings, Elliott owns nearly 3% of common stock, making up a portion of its total stake of more than 9%. 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. } 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. 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. Data is a real-time snapshot *Data is delayed at least 15 minutes. Paul Singer, founder of Elliott Management, speaking at Delivering Alpha in New York on Sept. 13, 2016. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. On Feb. 23, Tiger Woods ' longtime agent, Mark . Elliott has made many technology-focused investments. We are delighted that you'd like to resume your subscription. Im 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.". It has also agreed to nominate Mr. Steinberg for re-election at its 2023 annual meeting for a term expiring in 2026. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. Senior Portfolio Manager at Elliott Management . liked it 3.00 avg rating 1 rating. Already a member? margin-bottom: 20px; The investment firm reached a similar agreement with Twitter in March 2020, with partner Jesse Cohn added to Twitters board of directors, along with Silver Lake co-CEO and managing partner Egon Durban. Im 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.. "We look forward to working constructively with Salesforce to realize the value befitting a company of its stature," Jesse Cohn, managing partner at Elliott, told Reuters. A good example is Pershing Square at ADP, which transformed that company into a much stronger investment. You will be charged padding-bottom: 20px; Taylor had shared leadership of the company with Benioff for about a year. A Division of NBCUniversal. Stock Radar: 30% down from highs! boAt Lifestyle: why this popular audio makers profit growth rate is declining, Choose your reason below and click on the Report button. Marc Steinberg Joins Board as Independent Director. He is the former Director of SMU's Corporate Directors' Institute, the Director of the SMU Corporate Counsel Externship Program, the former Senior Associate Dean for Academics, and the former Senior Associate Dean for Research at the Law School . Got a confidential news tip? "We look forward to working constructively with Salesforce to realize the value befitting a company of its stature," Jesse Cohn, managing partner at Elliott, told Reuters. Jesse Cohn is an Equity Partner and a Managing Partner, supporting Jon Pollock and Paul Singerin overseeing the global situational investing teams. The two sides had been holding talks for several . It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. } Sign up for free newsletters and get more CNBC delivered to your inbox. Headquartered in San Francisco, Pinterest launched in 2010 and has more than 400 million monthly active users worldwide. You may change your billing preferences at any time in the Customer Center or call Elliott said in July that its stake in Pinterest topped 9%. But that is partially good news for Tata, Ashok Leyland. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a 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 . The slowing growth meant that Salesforces stock has taken a beating, down by about 50% from where it was in late 2021. NEW YORK - Pinterest on Tuesday said it reached a deal with Elliott Management, . 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. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said.