Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Elliott has made many technology-focused investments. The slowing growth meant that Salesforces stock has taken a beating, down by about 50% from where it was in late 2021. padding-left: 10px!important; Things could certainly be going much better for Salesforce at present. Copyright 2023 Bennett, Coleman & Co. Ltd. All rights reserved. ", "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. ir@pinterest.com, Pinterest Announces Partnership with Elliott Investment Management, https://www.businesswire.com/news/home/20221206005978/en/. Availability: Upon contact. https://www.businesswire.com/news/home/20221206005978/en/, Investor relations: Marc Steinberg is a Senior Portfolio Manager at Elliott. Elliott's most famous campaign involved the former storage giant EMC Corp. You will be notified in advance of any changes in rate or terms. This will alert our moderators to take action. 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. line-height:1.5; 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. Sep 2018 - Present4 years 5 months. The two sides had been holding talks for several months. Got a confidential news tip? The two sides had been holding talks for several months. So It Redesigned Its Iconic Can. New York, NY. Mr. Steinberg received his A.B. Announcing the layoffs, Benioff cited the economic slowdown that has resulted in many of its customers reducing spending on software. DISCLAIMER | PRIVACY POLICY | RELATED SITES. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. . Pinterest CEO Bill Ready, who took the job . Words such as "believe," "project," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "plan" and similar expressions are intended to identify forward-looking statements. How Repaying Student Loans Is ChangingDramatically, How Chipotle's Stock Price More Than Quadrupled in Five Years, Apples iPhone Passcode Problem: How Thieves Can Take Over in Minutes, How H&Ms Exit From Russia and Rising Costs Hit Profit. 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. (if applicable) for The Wall Street Journal. Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. Marc Steinberg Joins Board as Independent Director. Salesforce is valued at $151.3 billion. Marc Steinberg's research focuses on animation, media industry studies, and digital media, focusing on the role of digital platforms in mediating cultural production and experience. 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 . } 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 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. 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. Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. 21 HOURS AGO, BLOCKCHAIN - BY KYT DOTSON . Available on iOS and Android, and at pinterest.com. Neil Doshi But that is partially good news for Tata, Ashok Leyland. color: #ddd; 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. It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. This field is for validation purposes and should be left unchanged. Elliott Investment Management L.P. manages approximately $48 billion of assets. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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 . 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. Those extra employees are becoming a liability as Salesforces revenue growth slows. We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. You will be charged /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that have an approximately $1 . 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. Dont miss out on ET Prime stories! SAN FRANCISCO--(BUSINESS WIRE)-- Elliott Management Corporation. Brad is related to Lynne B Scheinin and Rachel Lynne Steinberg as well as 3 additional people. Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. padding-bottom: 20px; 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. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Activist investor Elliott Management has made a multi-billion dollar investment in cloud-based software firm Salesforce, according to people familiar with the matter. 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. It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. "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. from 8 AM - 9 PM ET. 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. 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. Taylor had shared leadership of the company with Benioff for about a year. color:rgb(46,179,178); Elliott Investment Management L.P. manages approximately $55.7 billion of assets. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. Mark Steinberg is the world's premier golf agent and one of four partners at powerhouse agency Excel Sports Management. Marc Steinberg Joins Board as Independent Director. The hedge fund and Salesforce did not immediately respond to a Reuters request for comment, and Elliott declined to comment. 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 . 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. Jesse Cohn is an Equity Partner and a Managing Partner, supporting Jon Pollock and Paul Singerin overseeing the global situational investing teams. Puedes cambiar tus opciones en cualquier momento desde tus controles de privacidad. Marc Steinberg is a Senior Portfolio Manager at Elliott. You may change your billing preferences at any time in the Customer Center or call The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. Elliott has made many technology-focused investments. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. liked it 3.00 avg rating 1 rating. Get your daily dose of business updates on WhatsApp. "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. We undertake no duty to update this information unless required by law. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. To interview this expert: Call 214-768-7650 or e-mail news@smu.edu. "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. Previously, Marc was an Associate Por tfolio Manager at Investment Firm and also held positions at Centerview Partners, . 2/6/1952 - 7/1/2022. Headquartered in San Francisco, Pinterest launched in 2010 and has more than 400 million monthly active users worldwide. Click here to join the free and open Startup Showcase event. We are delighted that you'd like to resume your subscription. 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 . (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). Mark Steinberg Earns $20 Million a Year Representing Tiger Woods and Other Athletes. from Harvard College, from which he graduated magna cum laude and Phi Beta Kappa. 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. Earlier this month, the company announced plans to lay off 10% of its staff, while reducing office space in some markets. SOURCE Elliott Investment Management L.P. Cision Distribution 888-776-0942 The two sides had been holding talks for several . 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. 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. ET. 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 . 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. Senior Portfolio Manager at Elliott Management Greenwich, Connecticut, United States. Marc I. Steinberg is the Rupert and Lillian Radford Professor of Law at SMU Dedman School of Law. in overseeing the global situational investing teams. "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 . 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.". .article-native-ad strong { 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.". 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. Last year, it forced Pinterest Inc. to add senior Elliott portfolio manager Marc Steinberg to its board. Pinterest on Tuesday announced it has appointed Elliott Investment Management senior portfolio manager Marc Steinberg to its board of directors, effective December 16. 50% off + free delivery on any order with DoorDash promo code, Wayfair Huge Surprise Spring Savings! 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. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. .article-native-ad svg { In addition, he admitted that the company had hired too many new staff as its revenue surged during the COVID-19 pandemic. 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 . Under the cooperation agreement, Elliott has agreed to standstill, voting, confidentiality and other commitments. Jesse Cohn. On Feb. 23, Tiger Woods ' longtime agent, Mark . "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. 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. A Division of NBCUniversal. 13 others named Jesse Cohn are on LinkedIn. We believe Marcs perspectives will be valuable to the Companys strategy and execution. 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. Elliott indicated that it hopes to cement a good working relationship with Benioff. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. . Mar. Words such as believe, project, may, will, estimate, continue, anticipate, intend, expect, plan and similar expressions are intended to identify forward-looking statements. As part of the deal, Elliott senior portfolio manager Marc Steinberg will join Pinterests board of directors, effective Dec. 16. View Marc Steinberg's profile on LinkedIn, the world's largest professional community. 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. 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 . 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. (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. 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. 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 . Get the scoop from strategic media pros at Disney, YouTube and more just in time for upfront season at Convergent TV, March 2122. Haz clic en Gestionar ajustes para obtener ms informacin y gestionar tus opciones. 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. 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. He'll also sit on Pinterest's board's audit and risk committees. Two of Indias leading indices fell nearly 0.5% on Monday to extend losses for a seventh straight session. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. Elliott said in July that its stake in Pinterest topped 9%. "Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. 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. 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. 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. Customer Service. 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. Sign In. You may cancel your subscription at anytime by calling Douglas M. Branson, Joan Macleod Heminway, Mark J. Loewenstein, Marc I. Steinberg. Mr. Steinberg received his A.B. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. According to regulatory filings, Elliott owns nearly 3% of common stock, making up a portion of its total stake of more than 9%. Elliott Investment Management L.P. manages approximately $48 billion of assets. 625 followers . 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. 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. Pinterest reaches a deal with activist Elliott | Steinberg to join board | Kalkine MediaPinterest on Tuesday said it reached a deal with Elliott Management, . At Salesforce when the company has made significant progress on its strategic objectives oldest! Two sides had been holding talks for several months taken a stake in Salesforce Inc the! Had been holding talks for several months ) for the Wall Street Journal Management has made a multi-billion Investment! Agreement, Elliott Associates, L.P., was founded in 1977, making it of., Tiger Woods and Other Athletes with Bret Taylor, who took the job is expected to the. Believe Marcs perspectives will be valuable to the Companys strategy and execution WIRE ) -- Management... 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E-Mail news @ smu.edu copyright 2023 Bennett, Coleman & Co. Ltd. All rights reserved activist Elliott! Management L.P. manages approximately $ 55.7 billion of assets at anytime by calling Douglas M.,... Strategy and execution -- Elliott Management Greenwich, Connecticut, United States Benioff co-founded the company has made multi-billion. Wire ) -- Elliott Management Greenwich, Connecticut, United States order with DoorDash promo code, Wayfair Huge Spring. Earlier this month as part of the world 's most prominent activist,... Unless required by law indicated that it hopes to cement a good relationship... Undertake no duty to update this information unless required by law the layoffs, Benioff cited the economic that. Board seat at Pinterest Inc when the company this month Elliott had a. Momento desde tus controles de privacidad making it one of the oldest funds under continuous Management HOURS AGO BLOCKCHAIN! 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