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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. 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. 2022 Elliott Investment Management L.P. All rights reserved. Words such as believe, project, may, will, estimate, continue, anticipate, intend, expect, plan and similar expressions are intended to identify forward-looking statements. Shares of Salesforce rose about 3% in early trading on Monday. ir@pinterest.com, Pinterest Announces Partnership with Elliott Investment Management, https://www.businesswire.com/news/home/20221206005978/en/. }. Douglas M. Branson, Joan Macleod Heminway, Mark J. Loewenstein, Marc I. Steinberg. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. 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. The two sides had been holding talks for several months. 50% off + free delivery on any order with DoorDash promo code, Wayfair Huge Surprise Spring Savings! 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. 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.". It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. 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. Twitter is now executing against an ambitious multi-year plan to dramatically increase the company's reach and value, and we look forward to the next chapter of Twitter's story. and illustrates our shared commitment to shareholder value creation and @Pinterest 's future. } However, they can also create big problems for company executives if they disagree with their suggestions. 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. 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. "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 . 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. The two sides had been holding talks for several months. 22 HOURS AGO, [the voice of enterprise and emerging tech]. "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 . Marc Steinberg, a portfolio manager at Elliott, will join the board on December 16, Pinterest said. 2/6/1952 - 7/1/2022. This will alert our moderators to take action. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. In its fiscal 2022 third quarter results, the company reported revenue of $7.84 billion, up 14% from a year earlier. font-weight:500; 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. Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. .article-native-ad strong { He is responsible for public and private equity investments across a range of industries, including the technology, media and telecommunications sectors. "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. 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. We undertake no duty to update this information unless required by law. View Marc Steinberg's profile on LinkedIn, the world's largest professional community. To interview this expert: Call 214-768-7650 or e-mail news@smu.edu. Elliott has made many technology-focused investments. Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. 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. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. According to regulatory filings, Elliott owns nearly 3% of common stock, making up a portion of its total stake of more than 9%. ", "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. Pinterest CEO Bill Ready, who took the job . 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. We believe Marcs perspectives will be valuable to the Companys strategy and execution. You will be notified in advance of any changes in rate or terms. 625 followers . Elliott said in July that its stake in Pinterest topped 9%. Marc I. Steinberg is the Rupert and Lillian Radford Professor of Law at SMU Dedman School of Law. 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. 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 . Global Business and Financial News, Stock Quotes, and Market Data and Analysis. "We appreciate the perspective the team brings, as well as their commitment to our Company and mission. "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 Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars. ET. 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. 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. 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. Earlier this month, the company announced plans to lay off 10% of its staff, while reducing office space in some markets. The two sides had been holding talks for several months. There are 50+ professionals named "Marc Steinberg", who use LinkedIn to exchange information, ideas, and opportunities. 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. Get this delivered to your inbox, and more info about our products and services. Mark Steinberg is the world's premier golf agent and one of four partners at powerhouse agency Excel Sports Management. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. .article-native-ad { We undertake no duty to update this information unless required by law. 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 . 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 . 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. Media Contact:Stephen SpruiellElliott Investment Management L.P.(212) 478-2017[emailprotected]. (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. 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. 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. Marc Steinberg. 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. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. The two sides had been holding talks for several . We appreciate the perspective the team brings, as well as their commitment to our Company and mission. By Dan Clarendon. 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. The two sides had been holding talks for several months. New York, NY. 2023 CNBC LLC. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. India is buying trucks. The stock price has tumbled 38% since January and closed at $22.72 . . 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. He is responsible for public and private equity investments across a range of industries, including the technology, media and . They have also lived in Altadena, CA and Westlake Village, CA. MISSOULA ~ Marc was born in New York City February 6th, 1952, the eldest of four children to Alexander Steinberg and Jane Nickerson Steinberg, both progressive, hard working . 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. View the profiles of professionals named "Marc Steinberg" on LinkedIn. 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 . . (if applicable) for The Wall Street Journal. Elliott said in July that its stake in Pinterest topped 9%. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Marc Steinberg is a Senior Portfolio Manager at Elliott. Paul Singer, founder of Elliott Management, speaking at Delivering Alpha in New York on Sept. 13, 2016. Senior Portfolio Manager at Elliott Management Greenwich, Connecticut, United States. 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. 21 HOURS AGO, BLOCKCHAIN - BY KYT DOTSON . 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 . Elliott has made many technology-focused investments. 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. Got a confidential news tip? 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. PINS Price Action: Pinterest has a 52-week high of $41.23 and a 52-week low of . It has also agreed to nominate Mr. Steinberg for re-election at its 2023 annual meeting for a term expiring in 2026. 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. margin-top: 10px; 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. Last year, it forced Pinterest Inc. to add senior Elliott portfolio manager Marc Steinberg to its board. WEST PALM BEACH, Fla., Nov. 29, 2021 /PRNewswire/ --Elliott Investment Management L.P. ("Elliott") today released the following statement on behalf of Managing Partner Jesse Cohn and Senior Portfolio Manager Marc Steinberg regarding the leadership changes announced at Twitter (NYSE: TWTR): Twitter is the leading global medium for real-time conversation and engagement, and our collaboration with Jack and the company for the past two years has been productive and effective. Customer Service. Website (s): The Platform Lab. padding:0!important; Under the cooperation agreement, Elliott has agreed to standstill, voting, confidentiality and other commitments. 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. Sign up for free newsletters and get more CNBC delivered to your inbox. 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.". Elliott indicated that it hopes to cement a good working relationship with Benioff. As part of the deal, Elliott senior portfolio manager Marc Steinberg will join Pinterests board of directors, effective Dec. 16. 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. Availability: Upon contact. 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 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. Things could certainly be going much better for Salesforce at present. Mr. Cohn earned his B.S. } But that is partially good news for Tata, Ashok Leyland. Previously, Marc was an Associate Por tfolio Manager at Investment Firm and also held positions at Centerview Partners, . 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. 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. line-height:1.5; Salesforce did not immediately respond to a Reuters request for comment and Elliott declined to comment. from Harvard College, from which he graduated magna cum laude and Phi Beta Kappa. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. The hedge fund and Salesforce did not immediately respond to a Reuters request for comment, and Elliott declined to comment. Sign In. Already a member? 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. "We believe Marcs perspectives will be valuable to the Companys strategy and execution. Elliott has made many technology-focused investments. He'll also sit on Pinterest's board's audit and risk committees. padding-left: 10px!important; border-bottom: 1px solid #ddd; Words such as "believe," "project," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "plan" and similar expressions are intended to identify forward-looking statements. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. The two sides had been holding talks for several months. All Rights Reserved. 4 2021, Published 3:06 p.m. Marc Steinberg Joins Board as Independent Director. Salesforce had almost 80,000 global employees on its books at the end of October 2022, up from just over 49,000 in January 2020, company filings show. Activist investor Elliott Management has made a multi-billion dollar investment in cloud-based software firm Salesforce, according to people familiar with the matter. Salesforce has endured further upheaval within its highest executive ranks. Marc Steinberg's Explore Concordia page. $ + tax 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. The company's share price has climbed 14% this year but is off over 30% in the past 52 weeks. click here! 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 Under the cooperation agreement, Elliott has agreed to standstill, voting, confidentiality and other commitments. DISCLAIMER | PRIVACY POLICY | RELATED SITES. ", "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. You may cancel your subscription at anytime by calling 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 . Marc Steinberg's appointment to the Board is a clear result of the strong partnership between @Elliottinvmgmt & @Pinterest. Jesse Cohn. "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 . 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. Elliott Management Corporation. by Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. Mike Wheatley. 2. The second best result is Brad Lee Steinberg age 60s in Calabasas, CA in the Calabasas neighborhood. .article-native-ad p { Customer Service. Dont miss out on ET Prime stories! 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. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. This field is for validation purposes and should be left unchanged. .article-native-ad svg { "Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. The parties said Marc Steinberg, Elliott's senior portfolio manager, would become an independent director on Dec. 16. 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 . 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. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. 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.". Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under . in Economics from the University of Pennsylvanias Wharton School of Business, from which he graduated summa cum laude. Pinterest CEO Bill Ready, who took the job in June, called the deal with Elliott a "one-of-a . 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