/PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that have an approximately $1 . in overseeing the global situational investing teams. } The rupee, too, declined to its lowest in more than four months amid an evident softness in local risk assets. India is buying trucks. Available on iOS and Android, and at pinterest.com. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. 50% off + free delivery on any order with DoorDash promo code, Wayfair Huge Surprise Spring Savings! Pinterest said Tuesday that it entered into a long-term cooperation agreement with Elliott Investment Management. 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. The two sides had been holding talks for several months. 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.". Mr. Cohn earned his B.S. "Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. 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 . Paul Singer, founder of Elliott Management, speaking at Delivering Alpha in New York on Sept. 13, 2016. 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. 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. When typing in this field, a list of search results will appear and be automatically updated as you type. Salesforce is valued at $151.3 billion. 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. from Harvard College, from which he graduated magna cum laude and Phi Beta Kappa. 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.". SAN FRANCISCO--(BUSINESS WIRE)-- from Harvard College, from which he graduated magna cum laude and Phi Beta Kappa. Mr. Steinberg received his A.B. Sep 2018 - Present4 years 5 months. We appreciate the perspective the team brings, as well as their commitment to our Company and mission. ir@pinterest.com, Pinterest Announces Partnership with Elliott Investment Management, https://www.businesswire.com/news/home/20221206005978/en/. Elliott has made many technology-focused investments. Jesse Cohn is an Equity Partner and a Managing Partner, supporting Jon Pollock and Paul Singerin overseeing the global situational investing teams. (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). color:rgb(46,179,178); It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a 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. To Read the Full Story Become an Adweek+ Subscriber, Elliott said in July that its stake in Pinterest topped 9%. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Elliott Investment Management L.P. manages approximately $55.7 billion of assets. Prior to joining Elliott in 2004, Mr. Cohn was an Analyst in the mergers and acquisitions group at Morgan Stanley. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. 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. He is responsible for public and private equity investments across a range of industries, including the technology, media and . 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. Website (s): The Platform Lab. "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. This field is for validation purposes and should be left unchanged. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. A Division of NBCUniversal. font-size: 34px; 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 . Available on iOS and Android, and at pinterest.com. Mark Steinberg is the world's premier golf agent and one of four partners at powerhouse agency Excel Sports Management. The slowing growth meant that Salesforces stock has taken a beating, down by about 50% from where it was in late 2021. Get this delivered to your inbox, and more info about our products and services. Customer Service. 2022 Elliott Investment Management L.P. All rights reserved. . Elliott, one of the world's busiest . 2023 CNBC LLC. 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. A message from John Furrier, co-founder of SiliconANGLE: Show your support for our mission by joining our Cube Club and Cube Event Community of experts. 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. Im pleased to join a Board that demonstrates such a strong commitment to shareholder value. 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 Faculty at Massachusetts Institute for Psychoanalysis based in Brookline, Massachusetts. See others named Jesse Cohn. In Anime's Media Mix, Marc Steinberg convincingly shows that anime is far more than a style of Japanese animation.Engaging with film, animation, and media studies, as well as analyses of consumer culture and theories of capitalism, Steinberg offers the first sustained study of the Japanese mode of convergence that informs global media practices to this day. Already a member? 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. 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 . We undertake no duty to update this information unless required by law. .article-native-ad strong { Customer Service. Elliott has made many technology-focused investments. Get your daily dose of business updates on WhatsApp. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. Marc Steinberg Joins Board as Independent Director. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars. The two sides had been holding talks for several months. 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 . 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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. 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. 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. Previously, Marc was an Associate Por tfolio Manager at Investment Firm and also held positions at Centerview Partners, . padding:0!important; Senior Portfolio Manager at Elliott Management Greenwich, Connecticut, United States. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Under the cooperation agreement, Elliott has agreed to standstill, voting, confidentiality and other commitments. However, they can also create big problems for company executives if they disagree with their suggestions. . Elliott has made many technology-focused investments. Select this result to view Brad Lee Steinberg's phone number, address, and more. "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 . 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. 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. Mike Wheatley. 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. Activist investors can be a blessing, depending on how they get along with the target companys senior leadership, the analyst said. .article-native-ad p { Campbells Soup Sales Were Declining. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. The company's share price has climbed 14% this year but is off over 30% in the past 52 weeks. 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