Recode: Pinterest's Recent Exec Hire Isn't A Sign Of Looming IPO
Pinterest, the popular content sharing platform that allows users to "pin" images, along with Uber and Airbnb are among the few private companies valued in the billions of dollars that have yet to offer a clear signal when or even if they will file for an initial public offering.
Pinterest signaled to the market that it could be close as it hired its first Chief Financial Officer Todd Morgenfeld. Prior to joining the top ranks at Pinterest he was a finance VP at Twitter Inc (NYSE: TWTR) and held stints at Goldman Sachs and the private equity firm Silver Lake Partners.
Morgenfeld was recruited to Twitter by its Chief Financial Officer Anthony Noto who is also a Goldman Sachs alumni. Morgenfeld's tenure at Twitter was relatively short at roughly a year and a half.
As noted by Recode, the hiring of a Chief Financial Officer could be seen as a "signal" that a company is planning an IPO. However, a spokesperson at Pinterest told Recode loud and clear, "[W]e don't have any plans for an IPO right now because we're focused on growing the business."
Pinterest exceeded that $100 million mark in annual revenue and was most recently valued at $11 billion.
Recode did, however, suggest that private companies typically don't discuss their IPO plans publicly, but it is "still worth thinking about."
Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email firstname.lastname@example.org with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.