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. 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.". This household appliance maker could see a technical bounce back from lows. 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. margin-bottom: 20px; Salesforce had almost 80,000 global employees on its books at the end of October 2022, up from just over 49,000 in January 2020, company filings show. Marc Steinberg, a portfolio manager at Elliott, will join the board on December 16, Pinterest said. Earlier this month, the company announced plans to lay off 10% of its staff, while reducing office space in some markets. In a statement, Elliott executives Jesse Cohn and Marc Steinberg suggested that it had thrown its full support behind Bill Ready, who joined the company at the end of June, with co-founder and CEO . To interview this expert: Call 214-768-7650 or e-mail news@smu.edu. We appreciate the perspective the team brings, as well as their commitment to our Company and mission. Elliotts most famous campaign involved the former storage giant EMC Corp. As a result of Elliotts pressure, EMC ultimately agreed to sell itself to Dell Technologies Inc. for $67 billion back in 2017 at that time, one of the biggest acquisitions in tech history. Pinterest reaches a deal with activist Elliott | Steinberg to join board | Kalkine MediaPinterest on Tuesday said it reached a deal with Elliott Management, . The stock price has tumbled 38% since January and closed at $22.72 . Cohn, who has served on the boards of several technology companies including Twitter and eBay Inc, called Salesforce "one of the preeminent software companies in the world.". 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 . Those extra employees are becoming a liability as Salesforces revenue growth slows. . The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. Salesforce did not immediately respond to a Reuters request for comment and Elliott declined to comment. Senior Portfolio Manager at Elliott Management Greenwich, Connecticut, United States. Media Contact:Stephen SpruiellElliott Investment Management L.P.(212) 478-2017[emailprotected]. Email: Marc.Steinberg@concordia.ca. Available on iOS and Android, and at pinterest.com. Marc Steinberg Joins Board as Independent Director. 13 others named Jesse Cohn are on LinkedIn. Clear rating. ", "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. The two sides had been holding talks for several months. Activist investor Elliott Management has made a multi-billion dollar investment in cloud-based software firm Salesforce, according to people familiar with the matter. 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. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. Analyst Holger Mueller of Constellation Research Inc. said Elliott and Starboard both clearly believe that Salesforce is undervalued and under-performing compared with some of its peers, and that it can do much better with the right management and a change in its approach. Equity Partner. We are delighted that you'd like to resume your subscription. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Copyright 2023 Bennett, Coleman & Co. Ltd. All rights reserved. Last year, it was announced that Benioffs co-CEO Bret Taylor will depart the company at the end of January, leaving Benioff the sole CEO once more. Earlier this year Salesforce Inc said it plans to cut jobs by 10% and close some offices after rapid pandemic hiring left it with a bloated workforce amid an economic slowdown. 2022 Elliott Investment Management L.P. All rights reserved. Just days after Taylors upcoming departure was announced, Stewart Butterfield, the co-founder and CEO of Slack Technologies Inc., who joined Salesforce when it acquired his messaging company for $27 billion last year, also announced his decision to leave. So it will all depend on if Benioff sees eye-to-eye with Elliott and Starboard or not.. Elliott has made many technology-focused investments. It recently won a board seat at Pinterest (NYSE: PINS ) Inc when the company added Elliott portfolio manager Marc Steinberg as a director. According to regulatory filings, Elliott owns nearly 3% of common stock, making up a portion of its total stake of more than 9%. .article-native-ad p { There are 50+ professionals named "Marc Steinberg", who use LinkedIn to exchange information, ideas, and opportunities. 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. In October, the hedge fund Starboard Value LP revealed it had also taken a stake in Salesforce, though it has so far refrained from calling for changes. Pinterest CEO Bill Ready, who took the job . Elliott has made many technology-focused investments. We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars. With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. 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 . Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. 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. 625 followers . View source version on businesswire.com: It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. 2023 CNBC LLC. Two of Indias leading indices fell nearly 0.5% on Monday to extend losses for a seventh straight session. They have also lived in Altadena, CA and Westlake Village, CA. Mr. Steinberg received his A.B. ", "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 really want to hear from you, and were looking forward to seeing you at the event and in theCUBE Club. font-weight:500; Elliott has made many technology-focused investments. Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. Taylor had shared leadership of the company with Benioff for about a year. PINS Price Action: Pinterest has a 52-week high of $41.23 and a 52-week low of . Already a member? 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. Marc Steinberg is a Senior Portfolio Manager at Elliott. .article-native-ad { Marc Steinberg. New York, New York. Marc I. Steinberg is the Rupert and Lillian Radford Professor of Law at SMU Dedman School of Law. Pinterest CEO Bill Ready, who took the job . The two sides had been holding talks for several months. Elliott said in July that its stake in Pinterest topped 9%. 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. click here! Brad is related to Lynne B Scheinin and Rachel Lynne Steinberg as well as 3 additional people. Available on iOS and Android, and at pinterest.com. You may change your billing preferences at any time in the Customer Center or call It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. This field is for validation purposes and should be left unchanged. Haz clic en Gestionar ajustes para obtener ms informacin y gestionar tus opciones. The two sides had been holding talks for several months. He added that he has "developed a deep respect for Marc Benioff and what he has built." Earlier this year, Salesforce, which is valued at $151.3 billion, said it planned to cut jobs by 10% and close some offices after rapid pandemic hiring left it with a bloated workforce. To resume your subscription clic en Gestionar ajustes para obtener ms informacin y Gestionar opciones. To lay off 10 % of its staff, while reducing office space in some markets of.... Not.. 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