Ben Silbermann, a founder and chief govt of Pinterest, stepped down from the highest job on Tuesday after greater than a decade of working the digital pinboard service and taking it public.
Pinterest didn’t give a cause for the change. Mr. Silbermann, 39, will turn into govt chairman. Invoice Prepared, who has run divisions inside PayPal and Google, was appointed Pinterest’s new chief govt.
Mr. Silbermann helped discovered Pinterest in 2010 and oversaw its progress into a spot the place 431 million folks, largely girls, save and share concepts for procuring, hobbies and recipes. Final yr, the corporate generated $316 million in revenue on income of $2.6 billion.
Via a spokeswoman, Mr. Silbermann mentioned the choice to step down as chief govt got here after he assessed Pinterest’s targets on the finish of final yr. The corporate goals to make it simpler for folks to take actions from the issues they save on Pinterest, together with procuring. Mr. Prepared, who has twenty years of expertise engaged on funds and e-commerce companies, has “ability units that may complement mine in serving to obtain this objective,” Mr. Silbermann mentioned.
In 2019, he took Pinterest public amid a stampede of so-called unicorn start-ups that had waited so long as doable to faucet the general public markets and achieved sky-high valuations from personal traders.
Pinterest shares reached a excessive of $85 in February 2021 and closed at $19.70 on Tuesday, valuing the corporate at $13 billion — solely barely greater than it was price earlier than it went public. Its shares rose 4 p.c in after-hours buying and selling on the information of Mr. Silbermann’s exit as chief govt.
Pinterest had developed a fame as a “good” firm that Silicon Valley’s start-up playbook of macho, swaggering hype eschewed, partly due to its feminine consumer base and Mr. Silbermann’s press-shy fame. However lately, the corporate got here beneath fireplace as workers spoke out about their experiences with racism and sexism within the office.
In 2020two former Pinterest workers, Ifeoma Ozoma and Erica Shimizu Banks, tweeted about racist and sexist feedback, pay inequities and retaliation that that they had skilled on the firm. Françoise Brougher, Pinterest’s No. 2 govt, additionally sued for gender discrimination and retaliation. The occasions impressed workers to stage a digital walkout in protest. Shareholder lawsuits adopted.
Final yr, Christine Martinez, an entrepreneur and pal of Mr. Silbermann, additionally sued the corporate for breach of implied contract and concept theft, claiming she had helped create Pinterest alongside him and Paul Sciarra, one other founder.
Ms. Brougher’s swimsuit resulted in a $22.5 million settlement, which included a joint donation of $2.5 million to charities centered on girls and other people of coloration within the tech trade. Ms. ozoma helped sponsor a brand new legislation in California which broadened protections for workers who communicate out about discrimination and harassment at work.