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Pinterest announced longtime CEO Ben Silbermann is stepping down, making way for Google commerce executive Bill Ready to take over.
Before joining Google in 2020 to oversee its many commerce efforts, Ready was a top executive at Venmo and PayPal.
Meanwhile, Silbermann, who co-founded Pinterest in 2010 and brought it public in April 2019, transitions to the company’s newly created Executive Chairman position.
Silberman discussed the platform’s value to his life and career on the Pinterest blog, “As you can imagine, this was a hard decision. So much of my heart belongs to Pinterest.”
“I guess you could call it a founder’s love. And, when you care about something so much, the natural instinct is to hold it as tight as you can. But often, the most loving thing to do is let it go and watch it flourish in new ways,” Silberman said.
Silbermann will keep an eye on the app’s expansion and development in his new role, although from a distance.
Pinterest’s new objective
Ready wrote in a LinkedIn post, “There’s no better time to join Pinterest. I have long admired the brand and platform that Ben and the Pinterest team have created and everything the Company stands for.”
The news saw a 9% increase in the company’s shares, underscoring a shift in Pinterest’s emphasis from its advertising-based business model to e-commerce initiatives.
According to The Verge, investors have long viewed Pinterest as a lost opportunity with hundreds of millions of users who could not expand and earn money on the platform.
The Verge described Pinterest as slow to adopt the creator economy and generally sluggish in embracing shopping and buying features.
This is where the change dwells perfectly with Pinterest.
Ready’s substantial background in payment and shopping technologies fits well with the company’s expanding interest in merchandise sales.
With an emphasis on strengthening the link between search and commerce, Google had been progressively enhancing its eCommerce features while operating under Ready.
During Ready’s time in Google, the tech giant redesigned the way Shopping operates, made investments in its payment systems like Wallet, and commerce became a key component of YouTube’s future.
Ready wrote in a LinkedIn post, “In the next phase of our journey, we will help people engage more deeply with all the inspiring products and services they find on our platform so they can build their best lives.”
“As someone who has spent most of my career in commerce and payments, it’s so clear to me that Pinterest has the opportunity to build something unique—something special.”
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Jaw de Guzman is the content producer for Comms Room, a knowledge platform and website aimed at assisting the communications industry and its professionals.
