Elliott has made many technology-focused investments. Email: Marc.Steinberg@concordia.ca. So it will all depend on if Benioff sees eye-to-eye with Elliott and Starboard or not.. 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. by We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. Mike Wheatley. Pinterest said Tuesday that it entered into a long-term cooperation agreement with Elliott Investment Management. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. 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. Clear rating. 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. New York, New York. 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars. 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. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. 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. Copyright 2023 Bennett, Coleman & Co. Ltd. All rights reserved. Available on iOS and Android, and at pinterest.com. Elliott Investment Management L.P. manages approximately $48 billion of assets. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. 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. Words such as believe, project, may, will, estimate, continue, anticipate, intend, expect, plan and similar expressions are intended to identify forward-looking statements. padding-left: 10px!important; Elliott has made many technology-focused investments. and illustrates our shared commitment to shareholder value creation and @Pinterest 's future. 2022 Elliott Investment Management L.P. All rights reserved. When typing in this field, a list of search results will appear and be automatically updated as you type. With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. Announcing the layoffs, Benioff cited the economic slowdown that has resulted in many of its customers reducing spending on software. 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. 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. Cohn, who has served on the boards of several technology companies including Twitter and eBay, called Salesforce "one of the preeminent software companies in the world.". Neil Doshi The two sides had been holding talks for several months. Sep 2018 - Present4 years 5 months. We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. by. Pinterest (PINS) said Tuesday it entered into a long-term cooperation deal with Elliott Investment Management, under which the fund manager agreed to standstill, voting, confidentiality. 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. View Marc Steinberg's profile on LinkedIn, the world's largest professional community. Learn more. 4 2021, Published 3:06 p.m. margin-bottom: 20px; Sign up for free newsletters and get more CNBC delivered to your inbox. 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 that involve substantial risks and uncertainties, including, among other things, statements about our future operational and financial performance. .article-native-ad svg { in overseeing the global situational investing teams. 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.". Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. The two sides had been holding talks for several months. Get the scoop from strategic media pros at Disney, YouTube and more just in time for upfront season at Convergent TV, March 2122. .article-native-ad { Salesforce is valued at $151.3 billion. 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. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. 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 . 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. Customer Service. Available on iOS and Android, and at pinterest.com. So It Redesigned Its Iconic Can. Mark Steinberg is the world's premier golf agent and one of four partners at powerhouse agency Excel Sports Management. .article-native-ad p { "We believe Marcs perspectives will be valuable to the Companys strategy and execution. Headquartered in San Francisco, Pinterest launched in 2010 and has more than 400 million monthly active users worldwide. Elliott Investment Management L.P. manages approximately $55.7 billion of assets. Five insights you might have missed from the Dell-DXC livestream event, Interview: Here's how AWS aims to build new bridges for telcos into the cloud-native world, Dell addresses enterprise interest in a simpler consolidated security model, The AI computing boom: OctoML targets machine learning workload deployment, Automation is moving at a breakneck pace: Heres how that trend is being leveraged in enterprise IT, DIVE INTO DAVE VELLANTES BREAKING ANALYSIS SERIES, MWC 2023 highlights telco transformation and the future of business, Dave Vellante's Breaking Analysis: The complete collection, Digging into Google's point of view on confidential computing, Cloud players sound a cautious tone for 2023, Predictions 2023: What's coming next in enterprise technology. The two sides had been holding talks for several months. 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. 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 . padding-bottom: 20px; Availability: Upon contact. Two of Indias leading indices fell nearly 0.5% on Monday to extend losses for a seventh straight session. Marc Steinberg. Marc Steinberg is a Senior Portfolio Manager at Elliott. 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. DISCLAIMER | PRIVACY POLICY | RELATED SITES. Pinterest CEO Bill Ready, who took the job . Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Sign In. 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 that involve substantial risks and uncertainties, including, among other things, statements about our future operational and financial performance. margin: 0 45px; Rupert and Lillian Radford Professor of Law . You may cancel your subscription at anytime by calling "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. The two sides had been holding talks for several . Para obtener ms informacin sobre cmo utilizamos tus datos, consulta nuestra Poltica de privacidad y la Poltica de cookies. Elliott has made many technology-focused investments. Pinterest is the daily visual inspiration platform people around the world use to shop products personalized to their taste, find ideas to do offline and discover the most inspiring content. Click here to join the free and open Startup Showcase event. 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. Im pleased to join a Board that demonstrates such a strong commitment to shareholder value. Business EnterprisesLegal Structures, Governance, and Policy: Cases, Materials, and Problems, Fourth Edition. Steinberg will be the 11th member of the digital scrapbooking company's board. 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.". Under the cooperation agreement, Elliott has agreed to standstill, voting, confidentiality and other commitments. from Harvard College, from which he graduated magna cum laude and Phi Beta Kappa. Equity Partner. Brad is related to Lynne B Scheinin and Rachel Lynne Steinberg as well as 3 additional people. Elliott said in July that its stake in Pinterest topped 9%. 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 Marc Steinberg: Configuring Media Theory - Media Theory All Rights Reserved. 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. Get your daily dose of business updates on WhatsApp. Customer Service. 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. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. "Our collaboration with Jack and the company for the past two years has been productive and effective," Mr. Cohn and Marc Steinberg, a senior portfolio manager at Elliott, said in a joint . Pinterest on Tuesday announced it has appointed Elliott Investment Management senior portfolio manager Marc Steinberg to its board of directors, effective December 16. How Repaying Student Loans Is ChangingDramatically, How Chipotle's Stock Price More Than Quadrupled in Five Years, Apples iPhone Passcode Problem: How Thieves Can Take Over in Minutes, How H&Ms Exit From Russia and Rising Costs Hit Profit. The recent selloff mirrors the weak trend in global equities after a series of US economic data including Fridays consumer price inflation, which is the Federal Reserves most preferred inflation gauge compounded fears the Federal Reserve will keep policy rates elevated for longer than the market had priced in. . This household appliance maker could see a technical bounce back from lows. Already a member? Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. 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