Pinterest Appoints New CEO, Stock Soars

Pinterest Inc PINS shares are soaring in the post-market session on the appointment of online commerce expert Bill Ready as the Chief Executive Officer and a member of the Board of Directors, effective June 29, 2022.

Ben Silbermann, co-founder, Chief Executive Officer, and President, will be transitioning to the newly created role of Executive Chairman.

Mr. Ready joins Pinterest from Alphabet Inc’s GOOG GOOGL Google, where he served as President of Commerce, Payments & Next Billion Users. Before Google, he has served in various senior leadership roles at PayPal PYPL.

 “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 is a builder who deeply understands commerce and payments. And he shares our passion for creating a positive corner of the Internet. I’m confident he’s going to be an outstanding CEO,” commented Ben Silbermann.

Price Action: PINS shares are trading higher by 7.82% at $21.24 during the post-market session on Tuesday.

Posted In: why it's movingM&AMoversTrading Ideas