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Marc Steinberg joins the board as an independent director
SAN FRANCISCO, December 6, 2022—(BUSINESS WIRE)–Pinterest, Inc. (NISE: PINS ) announced today that it has entered into a long-term collaboration agreement with Elliott Investment Management LP (together with certain affiliates, “Elliott”), including the appointment of Mark Steinberg, senior portfolio manager at Elliott, to the Board of Directors effective May 16. December 2022
“We would like to welcome Mark to the Pinterest board following our joint dialogue with Mark, Jesse Cohn and Elliott over the past several months,” said Bill Ready, Pinterest’s Chief Executive Officer. “We value the perspective the team brings, as well as their commitment to our company and mission.” We believe in consistently engaging our key stakeholders and this unique agreement with Elliott is the result. We look forward to working together as we execute our strategy to increase user engagement, deepen monetization per user, and build personalized experiences on Pinterest that move from inspiration and intention to action—all while creating a more positive and inspiring place online.”
“Pinterest’s unique business model sits at the intersection of search, social media and commerce, with significant opportunity for growth and value creation,” said Mark Steinberg. “Over the past several months, we have established a productive partnership and the Company has made significant progress in its strategic goals.” We believe Bill and the Pinterest team are the right leaders to take the company forward, and we think they’ve only scratched the surface. the surface of the company’s potential. I am delighted to join a board that demonstrates such a strong commitment to shareholder value.”
“Elliot understands our vision at Pinterest: to build a place where Pinners can find inspiration and thereby create value for businesses,” said Ben Silberman, co-founder and executive chairman of Pinterest. “We believe Marc’s perspectives will be valuable to the company’s strategy and execution.” I am proud of the results that Bill and the team have achieved and I have confidence in his leadership and ability to continue to create long-term value for Pinners and our shareholders.”
With Steinberg’s addition, Pinterest’s board of directors expands to eight independent directors and a total of 11 members. Under the cooperation agreement, Elliott agreed to standstill, voting, confidentiality and other obligations.
About Mark Steinberg
Marc Steinberg is a senior portfolio manager at Elliott. He is responsible for public and private equity investments in 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 solutions provider for public transportation and defense applications. Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. Mr. Steinberg graduated from Harvard College, where he graduated with honors and Phi Beta Kappa.
About Pinterest
Pinterest is a daily visual inspiration platform that people around the world use to shop for products personalized to their tastes, find ideas for work 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. Based in San Francisco, Pinterest was launched in 2010 and has more than 400 million monthly active users worldwide. Available on iOS and Android and on 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 which involve significant risks and uncertainties, including, among other things, statements about our future operating and financial performance. Words such as “believe,” “project,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan” and similar expressions are intended to identify future – outlook statements. These forward-looking statements are only predictions and actual results may differ materially from a number of factors including: general economic and political uncertainty in global markets and worsening global economic conditions or low levels of economic growth, including inflation, foreign exchange fluctuations and supply chain issues supplies, as well as events such as the Russian invasion of Ukraine; our ability to provide useful and relevant content; our ability to attract and retain creators who 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; security compromises; our financial performance and fluctuations in results of operations; our dependence on the methodologies and policies of online application stores and internet browsers; interruption, interruptions or interruptions in authentication by third party login providers; changes in third-party login providers that limit our access to or ability to identify users; competition; our ability to grow 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 business history and ability to maintain profitability; decisions that reduce short-term revenues 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 activities; risks associated with government actions, laws and regulations that could limit access to our products or disrupt our business; litigation and government investigations; privacy, data and other regulatory issues; actual or perceived inaccuracies in metrics relating to our business; disruption, degradation or disruption of 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 equity prior to the completion of our initial public offering. These and other potential risks and uncertainties that could cause actual results to differ from anticipated results are described in more detail in our Quarterly Report on Form 10-K for the fiscal quarter ended September 30, 2022, which is available at our investor relations website at investor.pinterestinc.com and the SEC website at www.sec.gov. You should not place undue reliance on the forward-looking statements in this press release, which are based on information available to us as of the date of this release. We undertake no obligation to update this information unless required by law.
See the original version on businesswire.com: https://www.businessvire.com/nevs/home/20221206005978/en/
Contacts
Press:
Tessa Chen
press@pinterest.com
Investor Relations:
Neil Doshi
ir@pinterest.com
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