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 . 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. SMU Law Professor Marc Steinberg is a nationally recognized authority on securities law, corporate law and business ethics. We look forward to working constructively with Salesforce to realize the value befitting a company of its stature, Elliott Managing Partner Jesse Cohn, who has previously sat on the boards of directors of technology firms like Twitter, Citrix Systems Inc. and eBay Inc., told the Journal. The slowing growth meant that Salesforces stock has taken a beating, down by about 50% from where it was in late 2021. Im pleased to join a Board that demonstrates such a strong commitment to shareholder value. https://www.businesswire.com/news/home/20221206005978/en/, Investor relations: We undertake no duty to update this information unless required by law. .article-native-ad strong { Mr. Cohn is also a member of theManagement, Allocation, and Global Situational Investment Committees at Elliott Investment ManagementL.P. Mr. Cohn is a member of the Advisory Board at the Harvard Law School Program onCorporate Governance. 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 . The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. This field is for validation purposes and should be left unchanged. Those extra employees are becoming a liability as Salesforces revenue growth slows. 2. New York, NY. /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that have an approximately $1 . View the profiles of professionals named "Marc Steinberg" on LinkedIn. A good example is Pershing Square at ADP, which transformed that company into a much stronger investment. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. To interview this expert: Call 214-768-7650 or e-mail news@smu.edu. Earlier this year, Salesforce, which is valued at $151.3 billion, said it planned to cut jobs by 10% and close some offices after rapid pandemic hiring left it with a bloated workforce. Puedes cambiar tus opciones en cualquier momento desde tus controles de privacidad. 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(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 Directors effective December 16, 2022. in overseeing the global situational investing teams. Get your daily dose of business updates on WhatsApp. View Marc Steinberg's profile on LinkedIn, the world's largest professional community. Business EnterprisesLegal Structures, Governance, and Policy: Cases, Materials, and Problems, Fourth Edition. Elliott has made many technology-focused investments. Pinterest CEO Bill Ready, who took the job . 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 . But that is partially good news for Tata, Ashok Leyland. Things could certainly be going much better for Salesforce at present. Salesforce is valued at $151.3 billion. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. 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 . from 8 AM - 9 PM ET. With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. Elliott has agreed to standstill, voting, confidentiality and other commitments as part of the cooperation agreement. However, Elliotts standard tactics are to push for board representation and then pressure companies into making operational changes, with an aim to boost overall profitability. We undertake no duty to update this information unless required by law. 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. Salesforce has already had to deal with one activist investor. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. 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. }. The two sides had been holding talks for several . The two sides had been holding talks for several months. Data is a real-time snapshot *Data is delayed at least 15 minutes. Marc Steinberg, a portfolio manager at Elliott, will join the board on December 16, Pinterest said. "Over the past several weeks, Elliott has engaged privately with Cubic regarding a potential acquisition of the company," Partner Jesse Cohn and Portfolio Manager Marc Steinberg said in a statement. Marc Steinberg Joins Board as Independent Director. 4 2021, Published 3:06 p.m. Pinterest 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. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Elliott has made many technology-focused investments. Customer Service. 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. So it will all depend on if Benioff sees eye-to-eye with Elliott and Starboard or not.. Mike Wheatley. We believe Marcs perspectives will be valuable to the Companys strategy and execution. 2023 CNBC LLC. Marc Steinberg Joins Board as Independent Director. .article-native-ad p { Earlier this year Salesforce Inc said it plans to cut jobs by 10% and close some offices after rapid pandemic hiring left it with a bloated workforce amid an economic slowdown. 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. 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, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Douglas M. Branson, Joan Macleod Heminway, Mark J. Loewenstein, Marc I. Steinberg. When typing in this field, a list of search results will appear and be automatically updated as you type. With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. The two sides had been holding talks for several months. padding:0!important; Elliott said in July that its stake in Pinterest topped 9%. 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.". We appreciate the perspective the team brings, as well as their commitment to our Company and mission. Mr. Cohn earned his B.S. 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. Sign up for free newsletters and get more CNBC delivered to your inbox. In a letter to AT&T's board, Elliott Management partner Jesse Cohn and associate portfolio manager Marc Steinberg wrote that AT&T's stock could potentially surge to above $60 a share by 2021 . Mar. People have saved more than 390 billion Pins across a range of interests from building a home office to cooking a new recipe and planning a vacation. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under . Paul Singer, founder of Elliott Management, speaking at Delivering Alpha in New York on Sept. 13, 2016. The rupee, too, declined to its lowest in more than four months amid an evident softness in local risk assets. According to regulatory filings, Elliott owns nearly 3% of common stock, making up a portion of its total stake of more than 9%. Elliott has made many technology-focused investments. Sign In. 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. Informacin sobre tu dispositivo y conexin a Internet, como tu direccin IP, Actividad de navegacin y bsqueda al utilizar sitios web y aplicaciones de Yahoo. You may cancel your subscription at anytime by calling Announcing the layoffs, Benioff cited the economic slowdown that has resulted in many of its customers reducing spending on software. Website (s): The Platform Lab. Elliott Investment Management L.P. manages approximately $55.7 billion of assets. padding-bottom: 20px; This will alert our moderators to take action. He added that he has "developed a deep respect for Marc Benioff and what he has built." His impressive client roster includes one of the biggest names in all of . 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. 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.". 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. Your Reason has been Reported to the admin. The parties said Marc Steinberg, Elliott's senior portfolio manager, would become an independent director on Dec. 16. "Our collaboration with Jack and the company for the past two years has been productive and effective," Mr. Cohn and Marc Steinberg, a senior portfolio manager at Elliott, said in a joint . We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. Email: Marc.Steinberg@concordia.ca. 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. "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 . Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Senior Portfolio Manager at Elliott Management Greenwich, Connecticut, United States. Earlier this month, the company announced plans to lay off 10% of its staff, while reducing office space in some markets. "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. Got a confidential news tip? Cohn, who has served on the boards of several technology companies including Twitter and eBay, called Salesforce "one of the preeminent software companies in the world.". 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. PINS Price Action: Pinterest has a 52-week high of $41.23 and a 52-week low of . All Rights Reserved. Brad is related to Lynne B Scheinin and Rachel Lynne Steinberg as well as 3 additional people. Availability: Upon contact. Get the scoop from strategic media pros at Disney, YouTube and more just in time for upfront season at Convergent TV, March 2122. (if applicable) for The Wall Street Journal. Copyright 2023 Bennett, Coleman & Co. Ltd. All rights reserved. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Experience Your Economic Times Newspaper, The Digital Way! . Elliott Partner Jesse Cohn and Associate Portfolio Manager Marc Steinberg issued a statement commending Stephenson, Lead Director Matt Rose and the entire board and management team. Previously, Marc was an Associate Por tfolio Manager at Investment Firm and also held positions at Centerview Partners, . You will be charged boAt Lifestyle: why this popular audio makers profit growth rate is declining, Choose your reason below and click on the Report button. Elliott Investment Management L.P. manages approximately $48 billion of assets. View source version on businesswire.com: https://www.businesswire.com/news/home/20221206005978/en/, Investor relations:Neil Doshiir@pinterest.com, https://www.businesswire.com/news/home/20221206005978/en/, Consumers keep feeling better about today and worse about tomorrow: Morning Brief, Chinese video streaming platform iQIYI to raise $600 million through convertible bonds, GLOBAL MARKETS-Stocks rally, bonds tumble as China manufacturing rebounds, inflation weighs, Protests make Norway's energy minister cancels UK trip, US subsidies are appealing to German companies-survey. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. Learn more. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Mr. Steinberg received his A.B. 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. 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. Equity Partner. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. It recently won a board seat at Pinterest (NYSE: PINS ) Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Media Contact:Stephen SpruiellElliott Investment Management L.P.(212) 478-2017[emailprotected]. There are 50+ professionals named "Marc Steinberg", who use LinkedIn to exchange information, ideas, and opportunities. 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. Marc Steinberg's research focuses on animation, media industry studies, and digital media, focusing on the role of digital platforms in mediating cultural production and experience. New York, New York. DISCLAIMER | PRIVACY POLICY | RELATED SITES. Mark Steinberg Earns $20 Million a Year Representing Tiger Woods and Other Athletes. 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 . You will be notified in advance of any changes in rate or terms. As part of the deal, Elliott senior portfolio manager Marc Steinberg will join Pinterest's board of directors, effective Dec. 16. 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