Pinterest CEO resigns, Google executives take over e-commerce promotion

The news raised the company’s stake by 9% in an extended deal on Tuesday, emphasizing that Pinterest’s focus has shifted from an advertising-based business model to an e-commerce initiative.

At Lady, 42, the company has acquired an executive who has been in the business of commerce and payments at Alphabet Inc’s search giant for the past two years. Ready also holds senior management positions at PayPal.

His appointment ends his 12-year term as CEO of Silberman. This started when the company was co-founded in 2010. Pinterest has grown rapidly since then and now has more than 430 million monthly active users.

Silberman, 39, will assume the role of newly created chairman, retain his seat on the board, and Lady will join the board, the company said.

Ready receives an annual salary of $ 400,000 and is eligible for a stock options award to purchase approximately 8.6 million Class A shares.

“In the next chapter, we’ll focus on helping Pinners buy, try, and act on all the great ideas they see,” says Silbermann.

“Bill is a great leader in this transition,” he added.

Source: www.cnn.com

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