Click here to join the free and open Startup Showcase event. 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. font-weight:500; 50% off + free delivery on any order with DoorDash promo code, Wayfair Huge Surprise Spring Savings! "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. Jesse Cohn. We undertake no duty to update this information unless required by law. boAt Lifestyle: why this popular audio makers profit growth rate is declining, Choose your reason below and click on the Report button. 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. 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. Headquartered in San Francisco, Pinterest launched in 2010 and has more than 400 million monthly active users worldwide. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. We appreciate the perspective the team brings, as well as their commitment to our Company and mission. 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.". 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. Mark Steinberg is the world's premier golf agent and one of four partners at powerhouse agency Excel Sports Management. "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. The stock price has tumbled 38% since January and closed at $22.72 . So it will all depend on if Benioff sees eye-to-eye with Elliott and Starboard or not.. 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. Available on iOS and Android, and at pinterest.com. Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. View the profiles of professionals named "Marc Steinberg" on LinkedIn. New York, NY. from Harvard College, from which he graduated magna cum laude and Phi Beta Kappa. When typing in this field, a list of search results will appear and be automatically updated as you type. He added that he has "developed a deep respect for Marc Benioff and what he has built." 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.". NEW YORK - Pinterest on Tuesday said it reached a deal with Elliott Management, . Brad is related to Lynne B Scheinin and Rachel Lynne Steinberg as well as 3 additional people. We look forward to working together as we execute on our strategy to increase engagement with users, deepen monetization per user, and build personalized experiences on Pinterest that go from inspiration and intent to action all while creating a more positive and inspiring place online., 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. 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 . "Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. ET. Get your daily dose of business updates on WhatsApp. The two sides . 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.. Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. Elliott Management Corporation. Though that may not seem too bad, it still represents a significant slowdown from the 27% revenue growth Salesforce recorded in the same period a year earlier. Previously, Marc was an Associate Por tfolio Manager at Investment Firm and also held positions at Centerview Partners, . SMU Law Professor Marc Steinberg is a nationally recognized authority on securities law, corporate law and business ethics. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. Sign up for free newsletters and get more CNBC delivered to your inbox. Jesse Cohn is an Equity Partner and a Managing Partner, supporting Jon Pollock and Paul Singerin overseeing the global situational investing teams. color:rgb(46,179,178); by. from Harvard College, from which he graduated magna cum laude and Phi Beta Kappa. Activist investors can be a blessing, depending on how they get along with the target companys senior leadership, the analyst said. Got a confidential news tip? 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. Dont miss out on ET Prime stories! 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. Clear rating. It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. Get this delivered to your inbox, and more info about our products and services. On Feb. 23, Tiger Woods ' longtime agent, Mark . Prior to joining Elliott in 2004, Mr. Cohn was an Analyst in the mergers and acquisitions group at Morgan Stanley. Experience Your Economic Times Newspaper, The Digital Way! 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 . Announcing the layoffs, Benioff cited the economic slowdown that has resulted in many of its customers reducing spending on software. Words such as "believe," "project," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "plan" and similar expressions are intended to identify forward-looking statements. margin: 0 45px; Data is a real-time snapshot *Data is delayed at least 15 minutes. Pinterest on Tuesday said it reached a deal with Elliott Management, the activist investment firm that has offered up ideas on how to improve operations at the image sharing and social media service company. The two sides had been holding talks for several months. 2/6/1952 - 7/1/2022. Elliott said in July that its stake in Pinterest topped 9%. (if applicable) for The Wall Street Journal. Elliott has made many technology-focused investments. 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.". Shares of Salesforce rose about 3% in early trading on Monday. 2023 CNBC LLC. Marc Steinberg's Explore Concordia page. in overseeing the global situational investing teams. "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. We really want to hear from you, and were looking forward to seeing you at the event and in theCUBE Club. 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. With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. padding:0!important; In its fiscal 2022 third quarter results, the company reported revenue of $7.84 billion, up 14% from a year earlier. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under . Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous . As part of the deal, Elliott senior portfolio manager Marc Steinberg will join Pinterests board of directors, effective Dec. 16. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. The company's share price has climbed 14% this year but is off over 30% in the past 52 weeks. Benchmark bond yields in India climbed to their highest since the first week of November as tightening liquidity and concerns over higher government borrowing in FY24 dented demand for sovereign debt. font-size: 34px; 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 . color: #ddd; DISCLAIMER | PRIVACY POLICY | RELATED SITES. 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. Mike Wheatley. 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. 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. Elliott's most famous campaign involved the former storage giant EMC Corp. SOURCE Elliott Investment Management L.P. 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