It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. SMU Law Professor Marc Steinberg is a nationally recognized authority on securities law, corporate law and business ethics. } 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. 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.". Stock Radar: 30% down from highs! Senior Portfolio Manager at Elliott Management . (Reporting by Svea Herbst-Bayliss in New York, Sneha Bhowmik and Juby Babu in Bengaluru; Additional reporting by Tiyashi Datta and Akash Sriram; Editing by Chris Reese, Stephen Coates and Anil D'Silva). click here! 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. Pinterest Inc. is adding an executive from Elliott Management Corp. to its board of directors, part of a commitment the social-media company reached with the activist investor to help it grow. 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The stock price has tumbled 38% since January and closed at $22.72 . liked it 3.00 avg rating 1 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. border-bottom: 1px solid #ddd; Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. in Economics from the University of Pennsylvanias Wharton School of Business, from which he graduated summa cum laude. The two sides had been holding talks for several months. 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 . 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. 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.". But that is partially good news for Tata, Ashok Leyland. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. Words such as "believe," "project," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "plan" and similar expressions are intended to identify forward-looking statements. .article-native-ad { We really want to hear from you, and were looking forward to seeing you at the event and in theCUBE Club. 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. See others named Jesse Cohn. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Announcing the layoffs, Benioff cited the economic slowdown that has resulted in many of its customers reducing spending on software. 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. line-height:1.5; In its fiscal 2022 third quarter results, the company reported revenue of $7.84 billion, up 14% from a year earlier. India is buying trucks. margin-top: 10px; 13 others named Jesse Cohn are on LinkedIn. Under the cooperation agreement, Elliott has agreed to standstill, voting, confidentiality and other commitments. The two sides had been holding talks for several months. 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. padding:0!important; 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. In Anime's Media Mix, Marc Steinberg convincingly shows that anime is far more than a style of Japanese animation.Engaging with film, animation, and media studies, as well as analyses of consumer culture and theories of capitalism, Steinberg offers the first sustained study of the Japanese mode of convergence that informs global media practices to this day. Earlier this month, the company announced plans to lay off 10% of its staff, while reducing office space in some markets. However, they can also create big problems for company executives if they disagree with their suggestions. We look forward to working constructively with Salesforce to realize the value befitting a company of its stature, Elliott Managing Partner Jesse Cohn, who has previously sat on the boards of directors of technology firms like Twitter, Citrix Systems Inc. and eBay Inc., told the Journal. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. 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 Corporate . Elliott has made many technology-focused investments. 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. 625 followers . Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. Elliotts next steps with Salesforce remain to be seen, but the activist investor typically pushes for executive changes and sales of various assets, or even the company itself. 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. Elliott has agreed to standstill, voting, confidentiality and other commitments as part of the cooperation agreement. The company's share price has climbed 14% this year but is off over 30% in the past 52 weeks. Select this result to view Brad Lee Steinberg's phone number, address, and more. Headquartered in San Francisco, Pinterest launched in 2010 and has more than 400 million monthly active users worldwide. Puedes cambiar tus opciones en cualquier momento desde tus controles de privacidad. Paul Singer, founder of Elliott Management, speaking at Delivering Alpha in New York on Sept. 13, 2016. Learn more. Elliott said in July that its stake in Pinterest topped 9%. 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. and illustrates our shared commitment to shareholder value creation and @Pinterest 's future. margin-bottom: 20px; It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. } Click here to join the free and open Startup Showcase event. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Two of Indias leading indices fell nearly 0.5% on Monday to extend losses for a seventh straight session. 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. Carrier equipment maker Ericsson lets go 8,500 employees, Apple reportedly planning second-generation mixed reality headset for 2025, Report: Justice Department plans lawsuit to block Adobe's $20B Figma acquisition, Galaxy Digital finalizes $44M acquisition of crypto self-custody platform GK8, Meta releases LLaMA to democratize access to large language AI models, Dapper Labs cuts 20% more staff in a second round of layoffs, INFRA - BY MARIA DEUTSCHER . Pinterest on Tuesday said it reached a deal with Elliott Management, the activist investment firm that has offered up ideas on how to improve operations at the image sharing and social media service company. Prior to joining Elliott in 2004, Mr. Cohn was an Analyst in the mergers and acquisitions group at Morgan Stanley. 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. This household appliance maker could see a technical bounce back from lows. Already a member? /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that have an approximately $1 . Things could certainly be going much better for Salesforce at present. [email protected], Pinterest Announces Partnership with Elliott Investment Management, https://www.businesswire.com/news/home/20221206005978/en/. "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. 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. The rupee, too, declined to its lowest in more than four months amid an evident softness in local risk assets. Elliott said in July that its stake in Pinterest topped 9%. SAN FRANCISCO--(BUSINESS WIRE)-- 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. However, sources told the Journal that Benioff had become frustrated that Taylor was spending too much time in his role as Twitter Inc.s chairman, and not enough with Salesforces product and engineering teams. We undertake no duty to update this information unless required by law. 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. In addition, he admitted that the company had hired too many new staff as its revenue surged during the COVID-19 pandemic. They have also lived in Altadena, CA and Westlake Village, CA. Marc Steinberg Joins Board as Independent Director. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under . 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. Sign up for free newsletters and get more CNBC delivered to your inbox. Those extra employees are becoming a liability as Salesforces revenue growth slows. color:rgb(46,179,178); Pinterest CEO Bill Ready, who took the job . 2022 Elliott Investment Management L.P. All rights reserved. Marc Steinberg. All Rights Reserved. "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. "We appreciate the perspective the team brings, as well as their commitment to our Company and mission. We appreciate the perspective the team brings, as well as their commitment to our Company and mission. Last year, it forced Pinterest Inc. to add senior Elliott portfolio manager Marc Steinberg to its board. "After months of deep market analysis, industry diligence and management reviews, we are firmly convinced Nielsen will continue to be the gold standard for audience measurement as it executes on the NielsenOne roadmap," said Jesse Cohn, managing partner at Evergreen, and Marc Steinberg, senior portfolio manager at Elliott, in a statement. 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. 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. Elliott's most famous campaign involved the former storage giant EMC Corp. However, Elliotts standard tactics are to push for board representation and then pressure companies into making operational changes, with an aim to boost overall profitability. With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. https://www.businesswire.com/news/home/20221206005978/en/, Investor relations: "Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. Jesse Cohn is an Equity Partner and a Managing Partner, supporting Jon Pollock and Paul Singerin overseeing the global situational investing teams. }. 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. So It Redesigned Its Iconic Can. 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. Sign In. Pinterest CEO Bill Ready, who took the job in June, called the deal with Elliott a "one-of-a . SAN FRANCISCO, December 06, 2022--(BUSINESS WIRE)--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. 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. Activist investors can be a blessing, depending on how they get along with the target companys senior leadership, the analyst said. Elliott has made many technology-focused investments. } 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.. Availability: Upon contact. Elliott Investment Management L.P. manages approximately $48 billion of assets. 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 . 4 2021, Published 3:06 p.m. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. A Division of NBCUniversal. Mr. Steinberg received his A.B. In the statement, Elliott Partner Jesse Cohn and Associate Portfolio Manager Marc Steinberg commended AT&T Chairman and CEO Randall Stephenson, Lead Director Matt Rose and the entire Board and . 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 the profiles of professionals named "Marc Steinberg" on LinkedIn. Al hacer clic en Aceptar todo, aceptas que Yahoo y nuestros socios procesarn tu informacin personal y utilizarn tecnologas como cookies para presentarte anuncios y contenido personalizados, evaluar anuncios y contenido, obtener datos clave sobre la audiencia y desarrollar productos. Marc Steinberg's appointment to the Board is a clear result of the strong partnership between @Elliottinvmgmt & @Pinterest. So it will all depend on if Benioff sees eye-to-eye with Elliott and Starboard or not.. in overseeing the global situational investing teams. We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. Marc Steinberg's research focuses on animation, media industry studies, and digital media, focusing on the role of digital platforms in mediating cultural production and experience. Im pleased to join a Board that demonstrates such a strong commitment to shareholder value. He is responsible for public and private equity investments across a range of industries, including the technology, media and telecommunications sectors. 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. Elliott Investment Management L.P. manages approximately $48 billion of assets. The two sides had been holding talks for several months. Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. 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