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. We really want to hear from you, and were looking forward to seeing you at the event and in theCUBE Club. ", "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. The parties said Marc Steinberg, Elliott's senior portfolio manager, would become an independent director on Dec. 16. 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 investment firm reached a similar agreement with Twitter in March 2020, with partner Jesse Cohn added to Twitters board of directors, along with Silver Lake co-CEO and managing partner Egon Durban. 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 . font-weight:500; 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. /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that have an approximately $1 . liked it 3.00 avg rating 1 rating. He is responsible for public and private equity investments across a range of industries, including the technology, media and telecommunications sectors. DISCLAIMER | PRIVACY POLICY | RELATED SITES. Pinterest CEO Bill Ready, who took the job . 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. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. The two sides had been holding talks for several months. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous . Words such as "believe," "project," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "plan" and similar expressions are intended to identify forward-looking statements. Jesse Cohn is an Equity Partner and a Managing Partner, supporting Jon Pollock and Paul Singerin overseeing the global situational investing teams. Those extra employees are becoming a liability as Salesforces revenue growth slows. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. 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. Attorney at Irwin, Lewin, Cohn & Lewin, PC. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. click here! 2. 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.. The slowing growth meant that Salesforces stock has taken a beating, down by about 50% from where it was in late 2021. Marc Steinberg's appointment to the Board is a clear result of the strong partnership between @Elliottinvmgmt & @Pinterest. He added that he has "developed a deep respect for Marc Benioff and what he has built." "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. Mark Steinberg is the world's premier golf agent and one of four partners at powerhouse agency Excel Sports Management. Jesse Cohn. 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. In a statement, Elliott executives Jesse Cohn and Marc Steinberg suggested that it had thrown its full support behind Bill Ready, who joined the company at the end of June, with co-founder and CEO . He'll also sit on Pinterest's board's audit and risk committees. Marc Steinberg Joins Board as Independent Director. Salesforce has endured further upheaval within its highest executive ranks. They have also lived in Altadena, CA and Westlake Village, CA. 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. It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. Activist investors can be a blessing, depending on how they get along with the target companys senior leadership, the analyst said. 625 followers . Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. 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. He is responsible for public and private equity investments across a range of industries, including the technology, media and telecommunications sectors. https://www.businesswire.com/news/home/20221206005978/en/, Investor relations: Twitter is now executing against an ambitious multi-year plan to dramatically increase the company's reach and value, and we look forward to the next chapter of Twitter's story. 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. 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's Explore Concordia page. 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 members, the social-media . Elliott has made many technology-focused investments. This field is for validation purposes and should be left unchanged. Elliott has made many technology-focused investments. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Pinterest Inc. is adding an executive from Elliott Management Corp. to its board of directors, part of a commitment the social-media company reached with the activist investor to help it grow. (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). With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. The two sides . in overseeing the global situational investing teams. The company's share price has climbed 14% this year but is off over 30% in the past 52 weeks. Senior Portfolio Manager at Elliott Management . 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. The stock price has tumbled 38% since January and closed at $22.72 . Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. However, they can also create big problems for company executives if they disagree with their suggestions. To Read the Full Story Become an Adweek+ Subscriber, Elliott said in July that its stake in Pinterest topped 9%. We want to hear from you. Sign up for free newsletters and get more CNBC delivered to your inbox. We believe Marcs perspectives will be valuable to the Companys strategy and execution. 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View the profiles of professionals named "Marc Steinberg" on LinkedIn. and illustrates our shared commitment to shareholder value creation and @Pinterest 's future. Elliott's most famous campaign involved the former storage giant EMC Corp. 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. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Previously, Marc was an Associate Por tfolio Manager at Investment Firm and also held positions at Centerview Partners, . 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. . 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 managing . But that is partially good news for Tata, Ashok Leyland. 18 HOURS AGO, POLICY - BY MARIA DEUTSCHER . Elliott has made many technology-focused investments. "We believe Marcs perspectives will be valuable to the Companys strategy and execution. .article-native-ad { You will be charged Click here to join the free and open Startup Showcase event. View source version on businesswire.com: from 8 AM - 9 PM ET. Activist investor Elliott Management has made a multi-billion dollar investment in cloud-based software firm Salesforce, according to people familiar with the matter. 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. Marc Steinberg. This household appliance maker could see a technical bounce back from lows. Salesforce is valued at $151.3 billion. 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. Marc Steinberg Joins Board as Independent Director. The two sides had been holding talks for several months. Available on iOS and Android, and at pinterest.com. By Dan Clarendon. "Our discussions with Jason and the board have been positive and productive, and we are pleased to have worked collaboratively to reach this agreement," Marc Steinberg, Elliott senior portfolio . Pinterest reaches a deal with activist Elliott | Steinberg to join board | Kalkine MediaPinterest on Tuesday said it reached a deal with Elliott Management, . It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Clear rating. Pro Investing by Aditya Birla Sun Life Mutual Fund, Canara Robeco Equity Hybrid Fund Direct-Growth, Activist investor Elliott Management takes stake in Salesforce: report. Campbells Soup Sales Were Declining. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Mr. Cohn earned his B.S. It has also agreed to nominate Mr. Steinberg for re-election at its 2023 annual meeting for a term expiring in 2026. Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. Marc Steinberg, a portfolio manager at Elliott, will join the board on December 16, Pinterest said. 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. When typing in this field, a list of search results will appear and be automatically updated as you type. Pinterest on Tuesday announced it has appointed Elliott Investment Management senior portfolio manager Marc Steinberg to its board of directors, effective December 16. Pinterest, Inc. (NYSE: PINS) today announced it has entered into a long-term cooperation agreement with Elliott Investment Management L.P. (together with certain affiliates, "Elliott"), including the appointment of Marc Steinberg, Senior Portfolio Manager at Elliott, to the Board of . Shares of Salesforce rose about 3% in early trading on Monday. Availability: Upon contact. Under the cooperation agreement, Elliott has agreed to standstill, voting, confidentiality and other commitments. } Available on iOS and Android, and at pinterest.com. 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. Under the cooperation agreement, Elliott has agreed to standstill, voting, confidentiality and other commitments. We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. Pinterest CEO Bill Ready, who took the job . Customer Service. 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 . You may cancel your subscription at anytime by calling See others named Jesse Cohn. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. "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. Two of Indias leading indices fell nearly 0.5% on Monday to extend losses for a seventh straight session. Dont miss out on ET Prime stories! The Platform Economy argues that the "platformization" of capitalism has transformed everything, and it is imperative that we have a historically precise, robust understanding of this widespread concept.Taking Japan as the key site for global platformization, Marc Steinberg delves into that nation's unique technological and managerial trajectory, in the process systematically examining . "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. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. 22 HOURS AGO, [the voice of enterprise and emerging tech]. 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 Puedes cambiar tus opciones en cualquier momento desde tus controles de privacidad. 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. 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. 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. Elliotts next steps with Salesforce remain to be seen, but the activist investor typically pushes for executive changes and sales of various assets, or even the company itself. Rupert and Lillian Radford Professor of Law . Get this delivered to your inbox, and more info about our products and services. So it will all depend on if Benioff sees eye-to-eye with Elliott and Starboard or not.. 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 . Prior to joining Elliott in 2004, Mr. Cohn was an Analyst in the mergers and acquisitions group at Morgan Stanley. Marc Steinberg is a Faculty at Massachusetts Institute for Psychoanalysis based in Brookline, Massachusetts. margin-bottom: 20px; We undertake no duty to update this information unless required by law. 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. Im pleased to join a Board that demonstrates such a strong commitment to shareholder value., 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. 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 managing . ", "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. Mark Steinberg Earns $20 Million a Year Representing Tiger Woods and Other Athletes. He currently serves on the board of directors of two private companies: Nielsen, a global leader in audience insights, data and analytics, and Cubic, a technology-driven provider of solutions for public transit and defense applications. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. Marc Steinberg is a Senior Portfolio Manager at Elliott. color: #ddd; CNBC reported on Monday that activist investor Jeff Ubben's Inclusive Capital Partners also took a stake in Salesforce, however, the report did not reveal the size of the holding. S future ; on LinkedIn investor Elliott Management has made a multi-billion dollar investment in software... 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