It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. Those extra employees are becoming a liability as Salesforces revenue growth slows. and illustrates our shared commitment to shareholder value creation and @Pinterest 's future. Marc Steinberg is a Senior Portfolio Manager at Elliott. font-size: 34px; } Email: [email protected]. Neil Doshi 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. Copyright 2023 Bennett, Coleman & Co. Ltd. All rights reserved. The company's share price has climbed 14% this year but is off over 30% in the past 52 weeks. Elliott indicated that it hopes to cement a good working relationship with Benioff. Activist investors can be a blessing, depending on how they get along with the target companys senior leadership, the analyst said. Get your daily dose of business updates on WhatsApp. The rupee, too, declined to its lowest in more than four months amid an evident softness in local risk assets. border-bottom: 1px solid #ddd; 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. Mr. Steinberg received his A.B. 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 . "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 . . There are 50+ professionals named "Marc Steinberg", who use LinkedIn to exchange information, ideas, and opportunities. Mr. Steinberg received his A.B. Jesse Cohn. Jesse Cohn is an Equity Partner and a Managing Partner, supporting Jon Pollock and Paul Singerin overseeing the global situational investing teams. Things could certainly be going much better for Salesforce at present. We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. 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.". 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. Got a confidential news tip? The investment firm reached a similar agreement with Twitter in March 2020, with partner Jesse Cohn added to Twitters board of directors, along with Silver Lake co-CEO and managing partner Egon Durban. 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. Click here to join the free and open Startup Showcase event. Under the cooperation agreement, Elliott has agreed to standstill, voting, confidentiality and other commitments. by 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. Sign up for free newsletters and get more CNBC delivered to your inbox. Last year, it was announced that Benioffs co-CEO Bret Taylor will depart the company at the end of January, leaving Benioff the sole CEO once more. 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.. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. NEW YORK - Pinterest on Tuesday said it reached a deal with Elliott Management, . 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. Elliott Investment Management L.P. manages approximately $48 billion of assets. 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 . Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. 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. 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.". $ + tax This household appliance maker could see a technical bounce back from lows. 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. from 8 AM - 9 PM ET. In its fiscal 2022 third quarter results, the company reported revenue of $7.84 billion, up 14% from a year earlier. 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 . from Harvard College, from which he graduated magna cum laude and Phi Beta Kappa. Learn more. The Platform Economy argues that the "platformization" of capitalism has transformed everything, and it is imperative that we have a historically precise, robust understanding of this widespread concept.Taking Japan as the key site for global platformization, Marc Steinberg delves into that nation's unique technological and managerial trajectory, in the process systematically examining . "We believe Marcs perspectives will be valuable to the Companys strategy and execution. Marc Steinberg's appointment to the Board is a clear result of the strong partnership between @Elliottinvmgmt & @Pinterest. 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. 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. /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that have an approximately $1 . Media Contact:Stephen SpruiellElliott Investment Management L.P.(212) 478-2017[emailprotected]. The stock price has tumbled 38% since January and closed at $22.72 . Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. 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. margin-top: 10px; 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. Mar. "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. CNBC reported on Monday that activist investor Jeff Ubben's Inclusive Capital Partners also took a stake in Salesforce, however, the report did not reveal the size of the holding. 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. We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. Experience Your Economic Times Newspaper, The Digital Way! Available on iOS and Android, and at pinterest.com. Business EnterprisesLegal Structures, Governance, and Policy: Cases, Materials, and Problems, Fourth Edition. } Previously, Marc was an Associate Por tfolio Manager at Investment Firm and also held positions at Centerview Partners, . India is buying trucks. Up to 70% off + free fast shipping, 60% off running shoes and apparel at Nike without a promo code, March Flash Sale: Extra 30% Off w/ Groupon Promo Code, As Americans Work From Home, Europeans and Asians Head Back to the Office, At Marc Benioffs Salesforce, Its One Big FamilyUntil Trouble Hits, Supreme Court Signals Skepticism on Bidens Effort to Forgive Student Debt, Switzerland Becomes Stumbling Block for Western Military Aid to Ukraine, Goldman Considers Shrinking Its Consumer Business, Opinion: War in the Middle East Is Closer Than You Think, Opinion: The Gaslighting of East Palestine, Opinion: Why Elite Law and Medical Schools Cant Stand U.S. News, Opinion: Why Were Challenging Bidens Student-Debt Power Grab. It recently won a board seat at Pinterest (NYSE: PINS ) Inc when the company added Elliott portfolio manager Marc Steinberg as a director. "Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. 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 . Senior Portfolio Manager at Elliott Management . PINS Price Action: Pinterest has a 52-week high of $41.23 and a 52-week low of . "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 . from Harvard College, from which he graduated magna cum laude and Phi Beta Kappa. On Feb. 23, Tiger Woods ' longtime agent, Mark . Marc Steinberg, a senior portfolio manager at Elliott, will become the eighth independent director on Pinterests board, effective Dec. 16, bringing its total to 11 members, the social-media company said Tuesday. According to regulatory filings, Elliott owns nearly 3% of common stock, making up a portion of its total stake of more than 9%. View the profiles of professionals named "Marc Steinberg" on LinkedIn. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. 2. . New York, New York. 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. 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. Salesforce is valued at $151.3 billion. Para obtener ms informacin sobre cmo utilizamos tus datos, consulta nuestra Poltica de privacidad y la Poltica de cookies. Elliott said in July that its stake in Pinterest topped 9%. 625 followers . 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. 22 HOURS AGO, [the voice of enterprise and emerging tech]. We are delighted that you'd like to resume your subscription. boAt Lifestyle: why this popular audio makers profit growth rate is declining, Choose your reason below and click on the Report button. Stock Radar: 30% down from highs! "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. Mark Steinberg is the world's premier golf agent and one of four partners at powerhouse agency Excel Sports Management. They have also lived in Altadena, CA and Westlake Village, CA. Two of Indias leading indices fell nearly 0.5% on Monday to extend losses for a seventh straight session. Pinterest reaches a deal with activist Elliott | Steinberg to join board | Kalkine MediaPinterest on Tuesday said it reached a deal with Elliott Management, . Headquartered in San Francisco, Pinterest launched in 2010 and has more than 400 million monthly active users worldwide. It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. A Division of NBCUniversal. "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. The two sides had been holding talks for several months. 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. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. Pinterest CEO Bill Ready, who took the job . padding-left: 10px!important; Shares of the company rose more than 3% in premarket trading on Monday. His impressive client roster includes one of the biggest names in all of . Salesforce did not immediately respond to a Reuters request for comment and Elliott declined to comment. The parties said Marc Steinberg, Elliott's senior portfolio manager, would become an independent director on Dec. 16. 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 . Clear rating. 4 2021, Published 3:06 p.m. Salesforce has endured further upheaval within its highest executive ranks. 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. To interview this expert: Call 214-768-7650 or e-mail [email protected]. 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. 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