Marc Steinberg Joins Board as Independent Director. ", "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. "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. 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 . Marc Steinberg Joins Board as Independent Director. 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. 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.". Attorney at Irwin, Lewin, Cohn & Lewin, PC. Rupert and Lillian Radford Professor of Law . Elliott has made many technology-focused investments. New York, New York. Marc Steinberg is a Senior Portfolio Manager at Elliott. Words such as believe, project, may, will, estimate, continue, anticipate, intend, expect, plan and similar expressions are intended to identify forward-looking statements. We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. Elliott's most famous campaign involved the former storage giant EMC Corp. 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. 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 research focuses on animation, media industry studies, and digital media, focusing on the role of digital platforms in mediating cultural production and experience. A good example is Pershing Square at ADP, which transformed that company into a much stronger investment. Salesforce has endured further upheaval within its highest executive ranks. 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.". border-bottom: 1px solid #ddd; 2022 Elliott Investment Management L.P. All rights reserved. You will be charged His impressive client roster includes one of the biggest names in all of . 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. 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 . 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. 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 . Salesforce did not immediately respond to a Reuters request for comment and Elliott declined to comment. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. 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. Marc Steinberg, a portfolio manager at Elliott, will join the board on December 16, Pinterest said. 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. 50% off + free delivery on any order with DoorDash promo code, Wayfair Huge Surprise Spring Savings! He is responsible for public and private equity investments across a range of industries, including the technology, media and telecommunications sectors. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. To interview this expert: Call 214-768-7650 or e-mail news@smu.edu. Experience Your Economic Times Newspaper, The Digital Way! 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. Sep 2018 - Present4 years 5 months. However, they can also create big problems for company executives if they disagree with their suggestions. 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: We undertake no duty to update this information unless required by law. 22 HOURS AGO, [the voice of enterprise and emerging tech]. Media Contact:Stephen SpruiellElliott Investment Management L.P.(212) 478-2017[emailprotected]. Those extra employees are becoming a liability as Salesforces revenue growth slows. Marc Steinberg is a Senior Portfolio Manager at Elliott. 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. The two sides had been holding talks for several months. See others named Jesse Cohn. Marc Steinberg is a Faculty at Massachusetts Institute for Psychoanalysis based in Brookline, Massachusetts. Elliott Investment Management L.P. manages approximately $48 billion of assets. Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. Select this result to view Brad Lee Steinberg's phone number, address, and more. Mr. Cohn earned his B.S. 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. in Economics from the University of Pennsylvanias Wharton School of Business, from which he graduated summa cum laude. } 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. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. margin-top: 10px; Learn more. "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. 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. SOURCE Elliott Investment Management L.P. Cision Distribution 888-776-0942 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 forced Pinterest Inc. to add senior Elliott portfolio manager Marc Steinberg to its board. 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 . Douglas M. Branson, Joan Macleod Heminway, Mark J. Loewenstein, Marc I. Steinberg. 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. 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 . Paul Singer, founder of Elliott Management, speaking at Delivering Alpha in New York on Sept. 13, 2016. Announcing the layoffs, Benioff cited the economic slowdown that has resulted in many of its customers reducing spending on software. Transformed that company into a much stronger Investment version on businesswire.com: we undertake no duty to update information! Many of its customers reducing spending on software marc I. 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