Pinterest said longtime CEO Ben Silbermann would step down, handing the reins of the social media platform over to Google commerce executive Bill Ready.
The news sent the company’s shares up 9% in extended trading on Tuesday and highlighted a shift in focus on Pinterest to e-commerce initiatives from its advertising-based business model.
With Ready, who is 42 years old, the company welcomes an executive who for the past two years has run commerce and payment operations at the search giant owned by Alphabet Inc. Ready has also held senior leadership roles at PayPal.
His appointment ends Silbermann’s 12-year tenure as CEO, which began when he co-founded the company in 2010. Pinterest has grown rapidly since then and now has over 430 million monthly active users.
Silbermann, 39, will assume the newly created role of executive chairman and retain his seat on the board, while Ready will also join the board, the company said.Ready will receive an annual salary of $400,000 and will be eligible for a purchase of around 8.6 million Class A shares. In Silbermann’s words:
“In our next chapter, we’re focused on helping Pinners buy, try and act on all the great ideas they see.” and added, “Bill is a great leader for this transition.”
This article is a translation from writing to CNN Business.
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