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. They have also lived in Altadena, CA and Westlake Village, CA. It has also agreed to nominate Mr. Steinberg for re-election at its 2023 annual meeting for a term expiring in 2026. . 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.". 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. By Dan Clarendon. 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. by. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. 2/6/1952 - 7/1/2022. 625 followers . Puedes cambiar tus opciones en cualquier momento desde tus controles de privacidad. 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. 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. Salesforce has endured further upheaval within its highest executive ranks. Shares of Salesforce rose about 3% in early trading on Monday. 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.". Things could certainly be going much better for Salesforce at present. ", "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. .article-native-ad p { 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. Available on iOS and Android, and at pinterest.com. 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. "Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. You may change your billing preferences at any time in the Customer Center or call Words such as believe, project, may, will, estimate, continue, anticipate, intend, expect, plan and similar expressions are intended to identify forward-looking statements. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Already a member? 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 . Copyright 2023 Bennett, Coleman & Co. Ltd. All rights reserved. In August, Elliott disclosed itself as the company's largest shareholder and said it owned 15 million shares in a filing on its September holdings. Elliott said in July that its stake in Pinterest topped 9%. liked it 3.00 avg rating 1 rating. Experience Your Economic Times Newspaper, The Digital Way! click here! This household appliance maker could see a technical bounce back from lows. Shares of the company rose more than 3% in premarket trading on Monday. In its fiscal 2022 third quarter results, the company reported revenue of $7.84 billion, up 14% from a year earlier. 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 . Senior Portfolio Manager at Elliott Management Greenwich, Connecticut, United States. Elliott has made many technology-focused investments. Marc Steinberg is a Senior Portfolio Manager at Elliott. Words such as "believe," "project," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "plan" and similar expressions are intended to identify forward-looking statements. New York, New York. Sign up for free newsletters and get more CNBC delivered to your inbox. Elliott Investment Management L.P. manages approximately $48 billion of assets. Lenders led by the State Bank of India (SBI) that are conducting an annual review of Adani Enterprises Ltd (AEL) have decided to maintain status quo on credit limits sanctioned for Gautam Adanis flagship company, said two people aware of the development. All Rights Reserved. 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. .article-native-ad strong { 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. Mr. Cohn earned his B.S. ir@pinterest.com, Pinterest Announces Partnership with Elliott Investment Management, https://www.businesswire.com/news/home/20221206005978/en/. by Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. padding-bottom: 20px; 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. .article-native-ad { He is responsible for public and private equity investments across a range of industries, including the technology, media and telecommunications sectors. 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. "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. Pinterest reaches a deal with activist Elliott | Steinberg to join board | Kalkine MediaPinterest on Tuesday said it reached a deal with Elliott Management, . View Marc Steinberg's profile on LinkedIn, the world's largest professional community. See others named Jesse Cohn. Marc Steinberg Joins Board as Independent Director. Paul Singer, founder of Elliott Management, speaking at Delivering Alpha in New York on Sept. 13, 2016. from 8 AM - 9 PM ET. 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 . Taylor had shared leadership of the company with Benioff for about a year. As part of the deal, Elliott senior portfolio manager Marc Steinberg will join Pinterests board of directors, effective Dec. 16. The two sides had been holding talks for several . We want to hear from you. Mr. Steinberg received his A.B. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. Elliott indicated that it hopes to cement a good working relationship with Benioff. SAN FRANCISCO--(BUSINESS WIRE)-- New York, NY. PINS Price Action: Pinterest has a 52-week high of $41.23 and a 52-week low of . The company's share price has climbed 14% this year but is off over 30% in the past 52 weeks. The hedge fund and Salesforce did not immediately respond to a Reuters request for comment, and Elliott declined to comment. Sep 2018 - Present4 years 5 months. Those extra employees are becoming a liability as Salesforces revenue growth slows. 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 Learn more. Elliott has made many technology-focused investments. Salesforce is valued at $151.3 billion. The two sides . The two sides had been holding talks for several months. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Campbells Soup Sales Were Declining. Salesforce did not immediately respond to a Reuters request for comment and Elliott declined to comment. 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. Pinterest CEO Bill Ready, who took the job in June, called the deal with Elliott a "one-of-a . India is buying trucks. As part of the deal, Elliott senior portfolio manager Marc Steinberg will join Pinterest's board of directors, effective Dec. 16. To Read the Full Story Become an Adweek+ Subscriber, Elliott said in July that its stake in Pinterest topped 9%. ET. 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. He added that he has "developed a deep respect for Marc Benioff and what he has built." 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. 2023 CNBC LLC. But that is partially good news for Tata, Ashok Leyland. Prior to joining Elliott in 2004, Mr. Cohn was an Analyst in the mergers and acquisitions group at Morgan Stanley. You may cancel your subscription at anytime by calling Douglas M. Branson, Joan Macleod Heminway, Mark J. Loewenstein, Marc I. Steinberg. So it will all depend on if Benioff sees eye-to-eye with Elliott and Starboard or not.. Senior Portfolio Manager at Elliott Management . Elliott has made many technology-focused investments. "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. Elliott has agreed to standstill, voting, confidentiality and other commitments as part of the cooperation agreement. Get this delivered to your inbox, and more info about our products and services. Rupert and Lillian Radford Professor of Law . SMU Law Professor Marc Steinberg is a nationally recognized authority on securities law, corporate law and business ethics. 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. This will alert our moderators to take action. font-weight:500; Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. 2022 Elliott Investment Management L.P. All rights reserved. Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. color: #ddd; You will be charged The second best result is Brad Lee Steinberg age 60s in Calabasas, CA in the Calabasas neighborhood. Join the community that includes Amazon Web Services and Amazon.com CEO Andy Jassy, Dell Technologies founder and CEO Michael Dell, Intel CEO Pat Gelsinger and many more luminaries and experts. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Mr. Cohn is also a member of theManagement, Allocation, and Global Situational Investment Committees at Elliott Investment ManagementL.P. Mr. Cohn is a member of the Advisory Board at the Harvard Law School Program onCorporate Governance. "We appreciate the perspective the team brings, as well as their commitment to our Company and mission. In a letter to AT&T's board, Elliott Management partner Jesse Cohn and associate portfolio manager Marc Steinberg wrote that AT&T's stock could potentially surge to above $60 a share by 2021 . /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that have an approximately $1 . 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. Elliott said in July that its stake in Pinterest topped 9%. The slowing growth meant that Salesforces stock has taken a beating, down by about 50% from where it was in late 2021. Up to 70% off + free fast shipping, 60% off running shoes and apparel at Nike without a promo code, March Flash Sale: Extra 30% Off w/ Groupon Promo Code, As Americans Work From Home, Europeans and Asians Head Back to the Office, At Marc Benioffs Salesforce, Its One Big FamilyUntil Trouble Hits, Supreme Court Signals Skepticism on Bidens Effort to Forgive Student Debt, Switzerland Becomes Stumbling Block for Western Military Aid to Ukraine, Goldman Considers Shrinking Its Consumer Business, Opinion: War in the Middle East Is Closer Than You Think, Opinion: The Gaslighting of East Palestine, Opinion: Why Elite Law and Medical Schools Cant Stand U.S. News, Opinion: Why Were Challenging Bidens Student-Debt Power Grab. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. "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. Available on iOS and Android, and at pinterest.com. Elliott has made many technology-focused investments. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. 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.". With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. from Harvard College, from which he graduated magna cum laude and Phi Beta Kappa. "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 . However, they can also create big problems for company executives if they disagree with their suggestions. } (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). Announcing the layoffs, Benioff cited the economic slowdown that has resulted in many of its customers reducing spending on software. 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. 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.". Informacin sobre tu dispositivo y conexin a Internet, como tu direccin IP, Actividad de navegacin y bsqueda al utilizar sitios web y aplicaciones de Yahoo. 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. 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. 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars. Elliott, one of the world's busiest . Jesse Cohn. Attorney at Irwin, Lewin, Cohn & Lewin, PC. 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. 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. Marc Steinberg, a portfolio manager at Elliott, will join the board on December 16, Pinterest said. Mike Wheatley. Marc I. Steinberg is the Rupert and Lillian Radford Professor of Law at SMU Dedman School of Law. 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