Pinterest’s CEO, Ben Silbermann, is stepping down from his position, making way for Google Commerce head Bill Ready.
The company’s shares rose 9% after the announcement and stressed that this might mean an end to some time being spent advertising as they instead turn their attention towards ecommerce.
Ready, who has worked at the Alphabet-owned search engine for over two years, will bring his commerce knowledge and expertise to Pinterest.
The 42-year-old executive’s installation follows Silbermann’s 12-year rule as CEO, which started when he co-founded the social media platform in 2010. Pinterest has since gained traction quickly, and now it boasts over 430 million monthly active users.
Silbermann will serve as executive chairman and maintain his seat on the company’s esteemed panel.
Annual compensation of $400,000 will be given to Ready, as well as a stock option award to purchase around 8.6 million Class A shares.
“In our next chapter, we are focused on helping Pinners buy, try and act on all the great ideas they see,” Silbermann stated. “Bill is a great leader for this transition.”
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