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 . Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Elliott Management Corp., the activist investor firm, has reportedly made a multibillion-dollar investment in Salesforce Inc. Its a move that will likely pile the pressure on Salesforce Chairman and co-Chief Executive Marc Benioff (pictured) as he struggles to restart the companys slowing growth. Join the community that includes Amazon Web Services and Amazon.com CEO Andy Jassy, Dell Technologies founder and CEO Michael Dell, Intel CEO Pat Gelsinger and many more luminaries and experts. His impressive client roster includes one of the biggest names in all of . Marc Steinberg. It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. He is responsible for public and private equity investments across a range of industries, including the technology, media and telecommunications sectors. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Shares of Salesforce rose about 3% in early trading on Monday. The company's share price has climbed 14% this year but is off over 30% in the past 52 weeks. We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. New York, NY. Media Contact:Stephen SpruiellElliott Investment Management L.P.(212) 478-2017[emailprotected]. from Harvard College, from which he graduated magna cum laude and Phi Beta Kappa. color: #ddd; ET. Customer Service. So It Redesigned Its Iconic Can. "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 . Previously, Elliott has targeted the likes of Twitter Inc., PayPal Holdings Inc., AT&T Inc. Last year, it forced Pinterest Inc. to add senior Elliott portfolio manager Marc Steinberg to its board. Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. "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. Jesse Cohn. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Announcing the layoffs, Benioff cited the economic slowdown that has resulted in many of its customers reducing spending on software. padding-bottom: 20px; We look forward to working together as we execute on our strategy to increase engagement with users, deepen monetization per user, and build personalized experiences on Pinterest that go from inspiration and intent to action all while creating a more positive and inspiring place online., Pinterests unique business model is at the intersection of search, social media and commerce, with significant opportunity for growth and value creation, said Marc Steinberg. SMU Law Professor Marc Steinberg is a nationally recognized authority on securities law, corporate law and business ethics. This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, about us and our industry that involve substantial risks and uncertainties, including, among other things, statements about our future operational and financial performance. Mark Steinberg is the world's premier golf agent and one of four partners at powerhouse agency Excel Sports Management. The recent selloff mirrors the weak trend in global equities after a series of US economic data including Fridays consumer price inflation, which is the Federal Reserves most preferred inflation gauge compounded fears the Federal Reserve will keep policy rates elevated for longer than the market had priced in. 2/6/1952 - 7/1/2022. SAN FRANCISCO, December 06, 2022--(BUSINESS WIRE)--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 Directors effective December 16, 2022. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. 18 HOURS AGO, POLICY - BY MARIA DEUTSCHER . In its fiscal 2022 third quarter results, the company reported revenue of $7.84 billion, up 14% from a year earlier. With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. Brad is related to Lynne B Scheinin and Rachel Lynne Steinberg as well as 3 additional people. Elliott has made many technology-focused investments. In October, the hedge fund Starboard Value LP revealed it had also taken a stake in Salesforce, though it has so far refrained from calling for changes. from 8 AM - 9 PM ET. }. 50% off + free delivery on any order with DoorDash promo code, Wayfair Huge Surprise Spring Savings! The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. Jesse Cohn. As part of the deal, Elliott senior portfolio manager Marc Steinberg will join Pinterest's board of directors, effective Dec. 16. You will be charged 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. (Reuters) -Activist investor Elliott Management Corp has made a multi-billion dollar investment in cloud-based software firm Salesforce Inc, according to people familiar with the matter. Your Reason has been Reported to the admin. Senior Portfolio Manager at Elliott Management . It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Dont miss out on ET Prime stories! According to regulatory filings, Elliott owns nearly 3% of common stock, making up a portion of its total stake of more than 9%. He is responsible for public and private equity investments across a range of industries, including the technology, media and . With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. We look forward to working together as we execute on our strategy to increase engagement with users, deepen monetization per user, and build personalized experiences on Pinterest that go from inspiration and intent to action all while creating a more positive and inspiring place online. As part of the deal, Elliott senior portfolio manager Marc Steinberg will join Pinterests board of directors, effective Dec. 16. .article-native-ad strong { In a statement, Elliott executives Jesse Cohn and Marc Steinberg suggested that it had thrown its full support behind Bill Ready, who joined the company at the end of June, with co-founder and CEO . Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. in Economics from the University of Pennsylvanias Wharton School of Business, from which he graduated summa cum laude. 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. It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. In Anime's Media Mix, Marc Steinberg convincingly shows that anime is far more than a style of Japanese animation.Engaging with film, animation, and media studies, as well as analyses of consumer culture and theories of capitalism, Steinberg offers the first sustained study of the Japanese mode of convergence that informs global media practices to this day. } Pinterest is the daily visual inspiration platform people around the world use to shop products personalized to their taste, find ideas to do offline and discover the most inspiring content. Steinberg will be the 11th member of the digital scrapbooking company's board. The stock price has tumbled 38% since January and closed at $22.72 . Elliotts most famous campaign involved the former storage giant EMC Corp. As a result of Elliotts pressure, EMC ultimately agreed to sell itself to Dell Technologies Inc. for $67 billion back in 2017 at that time, one of the biggest acquisitions in tech history. click here! View Marc Steinberg's profile on LinkedIn, the world's largest professional community. Senior Portfolio Manager at Elliott Management Greenwich, Connecticut, United States. Carrier equipment maker Ericsson lets go 8,500 employees, Apple reportedly planning second-generation mixed reality headset for 2025, Report: Justice Department plans lawsuit to block Adobe's $20B Figma acquisition, Galaxy Digital finalizes $44M acquisition of crypto self-custody platform GK8, Meta releases LLaMA to democratize access to large language AI models, Dapper Labs cuts 20% more staff in a second round of layoffs, INFRA - BY MARIA DEUTSCHER . 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 . Headquartered in San Francisco, Pinterest launched in 2010 and has more than 400 million monthly active users worldwide. SAN FRANCISCO--(BUSINESS WIRE)-- Mark Steinberg Earns $20 Million a Year Representing Tiger Woods and Other Athletes. Elliott Management Corporation. line-height:1.5; Words such as "believe," "project," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "plan" and similar expressions are intended to identify forward-looking statements. 13 others named Jesse Cohn are on LinkedIn. All Rights Reserved. (if applicable) for The Wall Street Journal. NEW YORK - Pinterest on Tuesday said it reached a deal with Elliott Management, . Marc Steinberg, a senior portfolio manager at Elliott, will become the eighth independent director on Pinterest's board, effective Dec. 16, bringing its total to 11 Marc Steinberg: Configuring Media Theory - Media Theory The two sides . font-size: 34px; These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in our Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2022, which is available on our investor relations website at investor.pinterestinc.com and on the SEC website at www.sec.gov. liked it 3.00 avg rating 1 rating. "After months of deep market analysis, industry diligence and management reviews, we are firmly convinced Nielsen will continue to be the gold standard for audience measurement as it executes on the NielsenOne roadmap," said Jesse Cohn, managing partner at Evergreen, and Marc Steinberg, senior portfolio manager at Elliott, in a statement. 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. 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 on Tuesday announced it has appointed Elliott Investment Management senior portfolio manager Marc Steinberg to its board of directors, effective December 16. Experience Your Economic Times Newspaper, The Digital Way! Five insights you might have missed from the Dell-DXC livestream event, Interview: Here's how AWS aims to build new bridges for telcos into the cloud-native world, Dell addresses enterprise interest in a simpler consolidated security model, The AI computing boom: OctoML targets machine learning workload deployment, Automation is moving at a breakneck pace: Heres how that trend is being leveraged in enterprise IT, DIVE INTO DAVE VELLANTES BREAKING ANALYSIS SERIES, MWC 2023 highlights telco transformation and the future of business, Dave Vellante's Breaking Analysis: The complete collection, Digging into Google's point of view on confidential computing, Cloud players sound a cautious tone for 2023, Predictions 2023: What's coming next in enterprise technology. 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. 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 . Available on iOS and Android, and at pinterest.com. In August, Elliott disclosed itself as the company's largest shareholder and said it owned 15 million shares in a filing on its September holdings. 2022 Elliott Investment Management L.P. All rights reserved. Marc Steinberg Joins Board as Independent Director 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 Directors effective December 16, 2022. 2. Equity Partner. Under the cooperation agreement, Elliott has agreed to standstill, voting, confidentiality and other commitments. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. He added that he has "developed a deep respect for Marc Benioff and what he has built." Sep 2018 - Present4 years 5 months. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. Elliott has made many technology-focused investments. 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. Got a confidential news tip? Customer Service. 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 . Pinterest on Tuesday 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. 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. Mike Wheatley. padding-left: 10px!important; Analyst Holger Mueller of Constellation Research Inc. said Elliott and Starboard both clearly believe that Salesforce is undervalued and under-performing compared with some of its peers, and that it can do much better with the right management and a change in its approach. 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 . Mr. Cohn is also a member of the Management, Allocation, and Global Situational Investment Committees at Elliott Investment Management L.P. Mr. Cohn is a member of the Advisory Board at the Harvard Law School Program on Corporate . Email: Marc.Steinberg@concordia.ca. So it will all depend on if Benioff sees eye-to-eye with Elliott and Starboard or not.. WEST PALM BEACH, Fla., May 17, 2021 /PRNewswire/ -- Elliott Investment Management L.P. today released the following statement on behalf of Managing Partner Jesse Cohn and Portfolio Manager Marc Steinberg regarding AT&T's (NYSE: T) plan to merge media assets with Discovery: Lenders led by the State Bank of India (SBI) that are conducting an annual review of Adani Enterprises Ltd (AEL) have decided to maintain status quo on credit limits sanctioned for Gautam Adanis flagship company, said two people aware of the development. } He added that he has "developed a deep respect for Marc Benioff and what he has built." Salesforce has already had to deal with one activist investor. Marc Steinberg is a Senior Portfolio Manager at Elliott. Words such as believe, project, may, will, estimate, continue, anticipate, intend, expect, plan and similar expressions are intended to identify forward-looking statements. 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 . When typing in this field, a list of search results will appear and be automatically updated as you type. /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that have an approximately $1 . from Harvard College, from which he graduated magna cum laude and Phi Beta Kappa. The slowing growth meant that Salesforces stock has taken a beating, down by about 50% from where it was in late 2021. 22 HOURS AGO, [the voice of enterprise and emerging tech]. Elliot's investment comes after Starboard Value announced an undisclosed stake in Salesforce in October and said the company was suffering from a valuation discount due to a "subpar mix of growth and profitability.". Earlier this month, the company announced plans to lay off 10% of its staff, while reducing office space in some markets. Things could certainly be going much better for Salesforce at present. Taylor had shared leadership of the company with Benioff for about a year. . "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. and illustrates our shared commitment to shareholder value creation and @Pinterest 's future. 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.". Jesse Cohn is an Equity Partner and a Managing Partner, supporting Jon Pollock and Paul Singer in overseeing the global situational investing teams. Elliott indicated that it hopes to cement a good working relationship with Benioff. Clear rating. 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.. Rupert and Lillian Radford Professor of Law . . Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. Jesse Cohn is an Equity Partner and a Managing Partner, supporting Jon Pollock and Paul Singerin overseeing the global situational investing teams. Sign In. Elliott said in July that its stake in Pinterest topped 9%. } 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.". Elliott has agreed to standstill, voting, confidentiality and other commitments as part of the cooperation agreement. https://www.businesswire.com/news/home/20221206005978/en/, Investor relations: padding:0!important; Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. 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. 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. Elliot's investment comes after Starboard Value announced an undisclosed stake in Salesforce in October and said the company was suffering from a valuation discount due to a "subpar mix of growth and profitability.". See others named Jesse Cohn. Elliott Investment Management L.P. manages approximately $55.7 billion of assets. boAt Lifestyle: why this popular audio makers profit growth rate is declining, Choose your reason below and click on the Report button. The news was first reported today by the Wall Street Journal, which said details of Elliotts plans for Salesforce could not be learned at this time. The two sides had been holding talks for several months. "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 . 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. Mar. 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 Directors effective December 16, 2022. He'll also sit on Pinterest's board's audit and risk committees. India is buying trucks. The second best result is Brad Lee Steinberg age 60s in Calabasas, CA in the Calabasas neighborhood. Those extra employees are becoming a liability as Salesforces revenue growth slows. Prior to joining Elliott in 2004, Mr. Cohn was an Analyst in the mergers and acquisitions group at Morgan Stanley. Campbells Soup Sales Were Declining. 2023 CNBC LLC. 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. Benchmark bond yields in India climbed to their highest since the first week of November as tightening liquidity and concerns over higher government borrowing in FY24 dented demand for sovereign debt. Marc Steinberg, a senior portfolio manager at Elliott, will become the eighth independent director on Pinterest's board, effective Dec. 16, bringing its total to 11 members, the social-media . In addition, he admitted that the company had hired too many new staff as its revenue surged during the COVID-19 pandemic. You may change your billing preferences at any time in the Customer Center or call Stock Radar: 30% down from highs! Pinterest reaches a deal with activist Elliott | Steinberg to join board | Kalkine MediaPinterest on Tuesday said it reached a deal with Elliott Management, . Para obtener ms informacin sobre cmo utilizamos tus datos, consulta nuestra Poltica de privacidad y la Poltica de cookies. PINS Price Action: Pinterest has a 52-week high of $41.23 and a 52-week low of . 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. Pinterest Inc. is adding an executive from Elliott Management Corp. to its board of directors, part of a commitment the social-media company reached with the activist investor to help it grow. Pinterest (PINS) said Tuesday it entered into a long-term cooperation deal with Elliott Investment Management, under which the fund manager agreed to standstill, voting, confidentiality. There are 50+ professionals named "Marc Steinberg", who use LinkedIn to exchange information, ideas, and opportunities. 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. margin-bottom: 20px; To interview this expert: Call 214-768-7650 or e-mail news@smu.edu. Elliott has made many technology-focused investments. Elliott has made many technology-focused investments. Marc Steinberg Joins Board as Independent Director. 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. The two sides had been holding talks for several months. The two sides had been holding talks for several months. 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. Just days after Taylors upcoming departure was announced, Stewart Butterfield, the co-founder and CEO of Slack Technologies Inc., who joined Salesforce when it acquired his messaging company for $27 billion last year, also announced his decision to leave. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. This will alert our moderators to take action. in overseeing the global situational investing teams. The two sides had been holding talks for several months. We undertake no duty to update this information unless required by law. Headquartered in San Francisco, Pinterest launched in 2010 and has more than 400 million monthly active users worldwide. Last year, it forced Pinterest Inc. to add senior Elliott portfolio manager Marc Steinberg to its board. Available on iOS and Android, and at pinterest.com. Shares of the company rose more than 3% in premarket trading on Monday. We appreciate the perspective the team brings, as well as their commitment to our Company and mission. The parties said Marc Steinberg, Elliott's senior portfolio manager, would become an independent director on Dec. 16. . 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars. "Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. Order with DoorDash promo code, Wayfair Huge Surprise Spring Savings partners powerhouse. The Calabasas neighborhood had to deal with Elliott is a member of theManagement, Allocation, and pinterest.com! Its stake in Salesforce utilizamos tus datos, consulta nuestra Poltica de privacidad y la Poltica privacidad! Steinberg is the world 's most prominent activist investors, is pushing for at.... Steinberg, Elliott & # x27 ; s senior portfolio manager Marc Steinberg, portfolio... Had taken a stake in Pinterest topped 9 %. 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