He added that he has "developed a deep respect for Marc Benioff and what he has built." The slowing growth meant that Salesforces stock has taken a beating, down by about 50% from where it was in late 2021. 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. As part of the deal, Elliott senior portfolio manager Marc Steinberg will join Pinterest's board of directors, effective Dec. 16. .article-native-ad svg { 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 . Neil Doshi Marc Steinberg is a Senior Portfolio Manager at Elliott. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. 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 . PINS Price Action: Pinterest has a 52-week high of $41.23 and a 52-week low of . Pinterest said Tuesday that it entered into a long-term cooperation agreement with Elliott Investment Management. You may cancel your subscription at anytime by calling Pinterest 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. Mr. Cohn earned his B.S. Mark Steinberg Earns $20 Million a Year Representing Tiger Woods and Other Athletes. By Dan Clarendon. Shares of the company rose more than 3% in premarket trading on Monday. 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: Jesse Cohn is an Equity Partner and a Managing Partner, supporting Jon Pollock and Paul Singer in overseeing the global situational investing teams. We really want to hear from you, and were looking forward to seeing you at the event and in theCUBE Club. 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. .article-native-ad strong { There are 50+ professionals named "Marc Steinberg", who use LinkedIn to exchange information, ideas, and opportunities. A good example is Pershing Square at ADP, which transformed that company into a much stronger investment. You will be charged 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. 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. Elliott Investment Management L.P. manages approximately $48 billion of assets. The second best result is Brad Lee Steinberg age 60s in Calabasas, CA in the Calabasas neighborhood. Im pleased to join a Board that demonstrates such a strong commitment to shareholder value. border-bottom: 1px solid #ddd; Get the scoop from strategic media pros at Disney, YouTube and more just in time for upfront season at Convergent TV, March 2122. ", "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. 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. Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. 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. Pinterest reaches a deal with activist Elliott | Steinberg to join board | Kalkine MediaPinterest on Tuesday said it reached a deal with Elliott Management, . Marc Steinberg. 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 . Clear rating. } Elliott's most famous campaign involved the former storage giant EMC Corp. We undertake no duty to update this information unless required by law. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. 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. "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. 18 HOURS AGO, POLICY - BY MARIA DEUTSCHER . Haz clic en Gestionar ajustes para obtener ms informacin y gestionar tus opciones. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. Under the cooperation agreement, Elliott has agreed to standstill, voting, confidentiality and other commitments. The two sides had been holding talks for several months. padding-left: 10px!important; SMU Law Professor Marc Steinberg is a nationally recognized authority on securities law, corporate law and business ethics. from 8 AM - 9 PM ET. Senior Portfolio Manager at Elliott Management Greenwich, Connecticut, United States. You will be notified in advance of any changes in rate or terms. 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. Pinterest CEO Bill Ready, who took the job . Elliott Investment Management L.P. manages approximately $48 billion of assets. 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 . "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. Elliott, one of the world's busiest . 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. Words such as believe, project, may, will, estimate, continue, anticipate, intend, expect, plan and similar expressions are intended to identify forward-looking statements. Elliott has made many technology-focused investments. Availability: Upon contact. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. "Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. Website (s): The Platform Lab. 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. His impressive client roster includes one of the biggest names in all of . View the profiles of professionals named "Marc Steinberg" on LinkedIn. This will alert our moderators to take action. 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. Puedes cambiar tus opciones en cualquier momento desde tus controles de privacidad. color: #ddd; The two sides had been holding talks for several months. Marc Steinberg Joins Board as Independent Director. Elliott indicated that it hopes to cement a good working relationship with Benioff. padding-bottom: 20px; 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. 2/6/1952 - 7/1/2022. 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. Get this delivered to your inbox, and more info about our products and services. } This field is for validation purposes and should be left unchanged. Already a member? It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. by 13 others named Jesse Cohn are on LinkedIn. He is responsible for public and private equity investments across a range of industries, including the technology, media and telecommunications sectors. 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. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. Marc Steinberg is a Senior Portfolio Manager at Elliott. 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. When typing in this field, a list of search results will appear and be automatically updated as you type. Mar. The two sides had been holding talks for several months. Taylor had shared leadership of the company with Benioff for about a year. . 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. Customer Service. Experience Your Economic Times Newspaper, The Digital Way! We undertake no duty to update this information unless required by law. Jesse Cohn. 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 hedge fund and Salesforce did not immediately respond to a Reuters request for comment, and Elliott declined to comment. 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. Words such as "believe," "project," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "plan" and similar expressions are intended to identify forward-looking statements. We want to hear from you. 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. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Available on iOS and Android, and at pinterest.com. Rupert and Lillian Radford Professor of Law . Elliott said in July that its stake in Pinterest topped 9%. boAt Lifestyle: why this popular audio makers profit growth rate is declining, Choose your reason below and click on the Report button. Marc Steinberg is a Senior Portfolio Manager at Elliott. New York, NY. 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars. Learn more. 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. 2023 CNBC LLC. View Marc Steinberg's profile on LinkedIn, the world's largest professional community. Marc Steinberg Joins Board as Independent Director. "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 . Activist investors can be a blessing, depending on how they get along with the target companys senior leadership, the analyst said. 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. Shares of Salesforce rose about 3% in early trading on Monday. 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. 22 HOURS AGO, [the voice of enterprise and emerging tech]. 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. ", "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. 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 . 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. . Previously, Marc was an Associate Por tfolio Manager at Investment Firm and also held positions at Centerview Partners, . 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. He is responsible for public and private equity investments across a range of industries, including the technology, media and . 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. 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. 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. }. See others named Jesse Cohn. Your Reason has been Reported to the admin. Click here to join the free and open Startup Showcase event. Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. Email: Marc.Steinberg@concordia.ca. Customer Service. 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. 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. 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. To Read the Full Story Become an Adweek+ Subscriber, Elliott said in July that its stake in Pinterest topped 9%. 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. "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. Sign up for free newsletters and get more CNBC delivered to your inbox. 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. "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. font-weight:500; Elliott has made many technology-focused investments. The stock price has tumbled 38% since January and closed at $22.72 . (Reporting by Svea Herbst-Bayliss in New York, Sneha Bhowmik and Juby Babu in Bengaluru; Additional reporting by Tiyashi Datta and Akash Sriram; Editing by Chris Reese, Stephen Coates and Anil D'Silva). 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.". . 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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