Photo: INC
Pinterest has announced that long-standing CEO Ben Silbermann will be resigning from his position, giving way to Google commerce head Bill Ready.
The company’s shares skyrocketed after the announcement, gaining 9% in extended trading on Tuesday. Pinterest is now focusing more heavily on e-commerce than advertising.
With his experience in commerce and payment operations at Google, Ready will bring a new perspective to the company.
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The 42-year-old executive’s installation follows Silbermann’s 12-year rule as CEO, which started when he co-founded the social media platform in 2010. Pinterest has since gained traction quickly, and now it boasts over 430 million monthly active users.
Silbermann is pleased to announce that he will remain on the company’s board, working as an executive chairman.
Annual compensation of $400,000 will be given to Ready, as well as a stock option award to purchase around 8.6 million Class A shares.
“In our next chapter, we are focused on helping Pinners buy, try and act on all the great ideas they see,” Silbermann stated. “Bill is a great leader for this transition.”
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