Pinterest has announced that CEO Ben Silbermann is stepping down, giving way to Google commerce head Bill Ready.
The news of this significant change at Pinterest sparked a 9% rise in share prices on Tuesday, and it is clearly indicating that they are going toward an e-commerce business model from the advertising-based one.
Ready, who has been working over the past two years in commerce and payment operations at Google-owned search engine, will bring a new take to the company.
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 staying on as an executive chair and will still be a board member.
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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