Pinterest has announced that co-founder and long-time Chief Executive Officer (CEO) and President Ben Silbermann will transition to the newly created role of executive chairman, and hand over his responsibilities to Google commerce executive Bill Ready who will become CEO and a member of the Board of Directors, effective June 29, 2022.
At Google, Reddy served as President of Commerce, Payments & Next Billion Users and oversaw Google’s vision, strategy and the delivery of its commerce products.
Prior to Google, Ready served in various senior leadership roles at PayPal, including Executive Vice President and Chief Operating Officer.
Silbermann said, “In our next chapter, we are focused on helping Pinners buy, try and act on all the great ideas they see. Bill is a great leader for this transition.”
He further said that Ready is a builder who deeply understands commerce and payments. And he shares our passion for creating a positive corner of the Internet.
Pinterest has over 400 million monthly active users and is focused on putting “pinners first, continuously improving its roadmap, investing in creators, shopping and scaling internationally”, said an official statement.
“There’s no better time to join Pinterest,” said Ready. “I look forward to working closely with Ben, the Board and the rest of the leadership team to capitalise on the many opportunities ahead and usher in Pinterest’s next chapter of growth and success.”
The appointment news has shot the company’s shares 9% higher in extended trading on Tuesday and highlighted a switch in focus at Pinterest to e-commerce endeavours from its ad-based business stand.
Ready will be entitled to an annual salary of $400,000 and will be eligible for a stock option award to buy about 8.6 million Class A shares.