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. Campbells Soup Sales Were Declining. Mar. Customer Service. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. By Dan Clarendon. He is responsible for public and private equity investments across a range of industries, including the technology, media and telecommunications sectors. Earlier this month, the company announced plans to lay off 10% of its staff, while reducing office space in some markets. It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. Sign In. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. Get the scoop from strategic media pros at Disney, YouTube and more just in time for upfront season at Convergent TV, March 2122. padding:0!important; 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. 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. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. 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.". Marc Steinberg is a Senior Portfolio Manager at Elliott. (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). It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. A good example is Pershing Square at ADP, which transformed that company into a much stronger investment. Elliott has made many technology-focused investments. The two sides had been holding talks for several months. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Experience Your Economic Times Newspaper, The Digital Way! Your Reason has been Reported to the admin. He added that he has "developed a deep respect for Marc Benioff and what he has built." Website (s): The Platform Lab. 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. Senior Portfolio Manager at Elliott Management Greenwich, Connecticut, United States. Jesse Cohn. Pinterest CEO Bill Ready, who took the job . 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, a senior portfolio manager at Elliott, will become the eighth independent director on Pinterest's board, effective Dec. 16, bringing its total to 11 members, the social-media . Pinterest on Tuesday 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. 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. Things could certainly be going much better for Salesforce at present. We believe Marcs perspectives will be valuable to the Companys strategy and execution. 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 . click here! Got a confidential news tip? 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. Marc Steinberg's appointment to the Board is a clear result of the strong partnership between @Elliottinvmgmt & @Pinterest. Get this delivered to your inbox, and more info about our products and services. Availability: Upon contact. 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. Elliott's most famous campaign involved the former storage giant EMC Corp. Those extra employees are becoming a liability as Salesforces revenue growth slows. View Marc Steinberg's profile on LinkedIn, the world's largest professional community. Elliott, one of the world's busiest . Customer Service. liked it 3.00 avg rating 1 rating. Shares of Salesforce rose about 3% in early trading on Monday. Available on iOS and Android, and at pinterest.com. 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. 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 . ir@pinterest.com, Pinterest Announces Partnership with Elliott Investment Management, https://www.businesswire.com/news/home/20221206005978/en/. 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. Elliott Management Corporation. 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. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. Elliott has made many technology-focused investments. 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. He'll also sit on Pinterest's board's audit and risk committees. We really want to hear from you, and were looking forward to seeing you at the event and in theCUBE Club. 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: DISCLAIMER | PRIVACY POLICY | RELATED SITES. 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. With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. Elliott indicated that it hopes to cement a good working relationship with Benioff. Announcing the layoffs, Benioff cited the economic slowdown that has resulted in many of its customers reducing spending on software. "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. New York, New York. 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. Sign up for free newsletters and get more CNBC delivered to your inbox. We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. Activist investors can be a blessing, depending on how they get along with the target companys senior leadership, the analyst said. (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. Stock Radar: 30% down from highs! Salesforce is valued at $151.3 billion. Paul Singer, founder of Elliott Management, speaking at Delivering Alpha in New York on Sept. 13, 2016. Activist investor Elliott Management has made a multi-billion dollar investment in cloud-based software firm Salesforce, according to people familiar with the matter. "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. Elliott Investment Management L.P. manages approximately $48 billion of assets. Elliott Investment Management L.P. manages approximately $55.7 billion of assets. Senior Portfolio Manager at Elliott Management . "Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. Haz clic en Gestionar ajustes para obtener ms informacin y gestionar tus opciones. 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 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. When typing in this field, a list of search results will appear and be automatically updated as you type. 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. . It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. They have also lived in Altadena, CA and Westlake Village, CA. Elliott has made many technology-focused investments. Marc Steinberg's Explore Concordia page. "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. 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars. Words such as "believe," "project," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "plan" and similar expressions are intended to identify forward-looking statements. Last year, it forced Pinterest Inc. to add senior Elliott portfolio manager Marc Steinberg to its board. 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 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. A Division of NBCUniversal. Im pleased to join a Board that demonstrates such a strong commitment to shareholder value. Neil Doshi 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. 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 . Marc Steinberg is a Senior Portfolio Manager at Elliott. Media Contact:Stephen SpruiellElliott Investment Management L.P.(212) 478-2017[emailprotected]. New York, NY. 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. 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. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. Salesforce did not immediately respond to a Reuters request for comment and Elliott declined to comment. Jesse Cohn. We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. Mr. Steinberg received his A.B. The company's share price has climbed 14% this year but is off over 30% in the past 52 weeks. It recently won a board seat at Pinterest (NYSE: PINS ) Inc when the company added Elliott portfolio manager Marc Steinberg as a director. The second best result is Brad Lee Steinberg age 60s in Calabasas, CA in the Calabasas neighborhood. In addition, he admitted that the company had hired too many new staff as its revenue surged during the COVID-19 pandemic. Elliott has made many technology-focused investments. 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.". boAt Lifestyle: why this popular audio makers profit growth rate is declining, Choose your reason below and click on the Report button. Salesforce has already had to deal with one activist investor. The stock price has tumbled 38% since January and closed at $22.72 . }. 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. 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This will alert our moderators to take action. .article-native-ad p { Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. The rupee, too, declined to its lowest in more than four months amid an evident softness in local risk assets. Rupert and Lillian Radford Professor of Law . Headquartered in San Francisco, Pinterest launched in 2010 and has more than 400 million monthly active users worldwide. Marc I. Steinberg is the Rupert and Lillian Radford Professor of Law at SMU Dedman School of Law. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. The two sides had been holding talks for several months. It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. 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. Elliott said in July that its stake in Pinterest topped 9%. There are 50+ professionals named "Marc Steinberg", who use LinkedIn to exchange information, ideas, and opportunities. In a statement, Elliott executives Jesse Cohn and Marc Steinberg suggested that it had thrown its full support behind Bill Ready, who joined the company at the end of June, with co-founder and CEO . margin: 0 45px; As part of the deal, Elliott senior portfolio manager Marc Steinberg will join Pinterests board of directors, effective Dec. 16. "We appreciate the perspective the team brings, as well as their commitment to our Company and mission. 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