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 Marc Steinberg: Configuring Media Theory - Media Theory Salesforce has endured further upheaval within its highest executive ranks. Previously, Marc was an Associate Por tfolio Manager at Investment Firm and also held positions at Centerview Partners, . Get this delivered to your inbox, and more info about our products and services. 2023 CNBC LLC. Attorney at Irwin, Lewin, Cohn & Lewin, PC. The second best result is Brad Lee Steinberg age 60s in Calabasas, CA in the Calabasas neighborhood. (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). 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Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. .article-native-ad p { 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. 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. Customer Service. color:rgb(46,179,178); 2/6/1952 - 7/1/2022. We really want to hear from you, and were looking forward to seeing you at the event and in theCUBE Club. 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 . Last year, it was announced that Benioffs co-CEO Bret Taylor will depart the company at the end of January, leaving Benioff the sole CEO once more. Email: Marc.Steinberg@concordia.ca. 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.". By Dan Clarendon. 2. The recent selloff mirrors the weak trend in global equities after a series of US economic data including Fridays consumer price inflation, which is the Federal Reserves most preferred inflation gauge compounded fears the Federal Reserve will keep policy rates elevated for longer than the market had priced in. Your Reason has been Reported to the admin. }. Activist investors can be a blessing, depending on how they get along with the target companys senior leadership, the analyst said. Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. Elliott Management Corporation. Learn more. Join the community that includes Amazon Web Services and Amazon.com CEO Andy Jassy, Dell Technologies founder and CEO Michael Dell, Intel CEO Pat Gelsinger and many more luminaries and experts. 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. 625 followers . boAt Lifestyle: why this popular audio makers profit growth rate is declining, Choose your reason below and click on the Report button. (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. View the profiles of professionals named "Marc Steinberg" on LinkedIn. Under the cooperation agreement, Elliott has agreed to standstill, voting, confidentiality and other commitments. Available on iOS and Android, and at pinterest.com. Having gotten to know both incoming Chairman Bret Taylor and incoming CEO Parag Agrawal, we are confident that they are the right leaders for Twitter at this pivotal moment for the company. It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Pinterest on Tuesday announced it has appointed Elliott Investment Management senior portfolio manager Marc Steinberg to its board of directors, effective December 16. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. As part of the deal, Elliott senior portfolio manager Marc Steinberg will join Pinterest's board of directors, effective Dec. 16. Elliott has made many technology-focused investments. Elliott Investment Management L.P. manages approximately $48 billion of assets. 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. Informacin sobre tu dispositivo y conexin a Internet, como tu direccin IP, Actividad de navegacin y bsqueda al utilizar sitios web y aplicaciones de Yahoo. Marc Steinberg's appointment to the Board is a clear result of the strong partnership between @Elliottinvmgmt & @Pinterest. A good example is Pershing Square at ADP, which transformed that company into a much stronger investment. 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 . 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. 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. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under . 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.". in Economics from the University of Pennsylvanias Wharton School of Business, from which he graduated summa cum laude. by Marc Steinberg is a Senior Portfolio Manager at Elliott. Things could certainly be going much better for Salesforce at present. All Rights Reserved. font-size: 34px; New York, NY. 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. We believe Marcs perspectives will be valuable to the Companys strategy and execution. Elliott has agreed to standstill, voting, confidentiality and other commitments as part of the cooperation agreement. line-height:1.5; Mr. Steinberg received his A.B. Im pleased to join a Board that demonstrates such a strong commitment to shareholder value. Pinterest CEO Bill Ready, who took the job . 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. 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. Puedes cambiar tus opciones en cualquier momento desde tus controles de privacidad. Two of Indias leading indices fell nearly 0.5% on Monday to extend losses for a seventh straight session. Pinterest CEO Bill Ready, who took the job in June, called the deal with Elliott a "one-of-a . Sep 2018 - Present4 years 5 months. Mark Steinberg Earns $20 Million a Year Representing Tiger Woods and Other Athletes. Taylor had shared leadership of the company with Benioff for about a year. Dont miss out on ET Prime stories! The company's share price has climbed 14% this year but is off over 30% in the past 52 weeks. padding:0!important; "Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. 21 HOURS AGO, BLOCKCHAIN - BY KYT DOTSON . "We appreciate the perspective the team brings, as well as their commitment to our Company and mission. In the statement, Elliott Partner Jesse Cohn and Associate Portfolio Manager Marc Steinberg commended AT&T Chairman and CEO Randall Stephenson, Lead Director Matt Rose and the entire Board and . The stock price has tumbled 38% since January and closed at $22.72 . With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. Elliott said in July that its stake in Pinterest topped 9%. ir@pinterest.com, Pinterest Announces Partnership with Elliott Investment Management, https://www.businesswire.com/news/home/20221206005978/en/. $ + tax Elliott's most famous campaign involved the former storage giant EMC Corp. Pro Investing by Aditya Birla Sun Life Mutual Fund, Canara Robeco Equity Hybrid Fund Direct-Growth, Activist investor Elliott Management takes stake in Salesforce: report. https://www.businesswire.com/news/home/20221206005978/en/, Investor relations: Rupert and Lillian Radford Professor of Law . This will alert our moderators to take action. Senior Portfolio Manager at Elliott Management Greenwich, Connecticut, United States. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. The two sides had been holding talks for several months. A Division of NBCUniversal. With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. Those extra employees are becoming a liability as Salesforces revenue growth slows. 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. in overseeing the global situational investing teams. Pinterest said Tuesday that it entered into a long-term cooperation agreement with Elliott Investment Management. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. from 8 AM - 9 PM ET. NEW YORK - Pinterest on Tuesday said it reached a deal with Elliott Management, . 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 . Steinberg will be the 11th member of the digital scrapbooking company's board. The rupee, too, declined to its lowest in more than four months amid an evident softness in local risk assets. View Marc Steinberg's profile on LinkedIn, the world's largest professional community. Availability: Upon contact. 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 . 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. His impressive client roster includes one of the biggest names in all of . 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. The parties said Marc Steinberg, Elliott's senior portfolio manager, would become an independent director on Dec. 16. 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. 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. Prior to joining Elliott in 2004, Mr. Cohn was an Analyst in the mergers and acquisitions group at Morgan Stanley. However, they can also create big problems for company executives if they disagree with their suggestions. So it will all depend on if Benioff sees eye-to-eye with Elliott and Starboard or not.. Mr. Cohn earned his B.S. Stock Radar: 30% down from highs! Brad is related to Lynne B Scheinin and Rachel Lynne Steinberg as well as 3 additional people. PINS Price Action: Pinterest has a 52-week high of $41.23 and a 52-week low of . 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.". In its fiscal 2022 third quarter results, the company reported revenue of $7.84 billion, up 14% from a year earlier. 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. Activist investor Elliott Management has made a multi-billion dollar investment in cloud-based software firm Salesforce, according to people familiar with the matter. Media Contact:Stephen SpruiellElliott Investment Management L.P.(212) 478-2017[emailprotected]. 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. Senior Portfolio Manager at Elliott Management . Marc Steinberg Joins Board as Independent Director. According to regulatory filings, Elliott owns nearly 3% of common stock, making up a portion of its total stake of more than 9%. Copyright 2023 Bennett, Coleman & Co. Ltd. All rights reserved. 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. Salesforce is valued at $151.3 billion. 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. Jesse Cohn. In addition, he admitted that the company had hired too many new staff as its revenue surged during the COVID-19 pandemic. by. When typing in this field, a list of search results will appear and be automatically updated as you type. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. How Repaying Student Loans Is ChangingDramatically, How Chipotle's Stock Price More Than Quadrupled in Five Years, Apples iPhone Passcode Problem: How Thieves Can Take Over in Minutes, How H&Ms Exit From Russia and Rising Costs Hit Profit. Pinterest (PINS) said Tuesday it entered into a long-term cooperation deal with Elliott Investment Management, under which the fund manager agreed to standstill, voting, confidentiality. color: #ddd; SOURCE Elliott Investment Management L.P. Cision Distribution 888-776-0942 margin: 0 45px; 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. Sign In. Elliott has made many technology-focused investments. margin-bottom: 20px; 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. padding-left: 10px!important; However, Elliotts standard tactics are to push for board representation and then pressure companies into making operational changes, with an aim to boost overall profitability. Marc Steinberg is a Senior Portfolio Manager at Elliott. It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. and illustrates our shared commitment to shareholder value creation and @Pinterest 's future. Click here to join the free and open Startup Showcase event. 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. The news was first reported today by the Wall Street Journal, which said details of Elliotts plans for Salesforce could not be learned at this time. 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 . .article-native-ad { The company's share price has climbed 14% this year but is off over 30% in the past 52 weeks. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. Data is a real-time snapshot *Data is delayed at least 15 minutes. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. margin-top: 10px; . (if applicable) for The Wall Street Journal. 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. We are delighted that you'd like to resume your subscription. Equity Partner. Words such as "believe," "project," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "plan" and similar expressions are intended to identify forward-looking statements. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. You will be notified in advance of any changes in rate or terms. liked it 3.00 avg rating 1 rating. Headquartered in San Francisco, Pinterest launched in 2010 and has more than 400 million monthly active users worldwide. "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. "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. This household appliance maker could see a technical bounce back from lows. Salesforce did not immediately respond to a Reuters request for comment and Elliott declined to comment. 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. On Feb. 23, Tiger Woods ' longtime agent, Mark . Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. 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. The two sides . We undertake no duty to update this information unless required by law. He currently serves on the board of directors of two private companies: Nielsen, a global leader in audience insights, data and analytics, and Cubic, a technology-driven provider of solutions for public transit and defense applications. 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. Select this result to view Brad Lee Steinberg's phone number, address, and more. Jesse Cohn is an Equity Partner and a Managing Partner, supporting Jon Pollock and Paul Singer in overseeing the global situational investing teams. 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. Previously, Elliott has targeted the likes of Twitter Inc., PayPal Holdings Inc., AT&T Inc. Last year, it forced Pinterest Inc. to add senior Elliott portfolio manager Marc Steinberg to its board. So It Redesigned Its Iconic Can. Clear rating. font-weight:500; He is responsible for public and private equity investments across a range of industries, including the technology, media and telecommunications sectors. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. 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. At Pinterest Inc when the company reported revenue of $ 41.23 and a 52-week low.... Who took the job the digital scrapbooking company & # x27 ; s senior portfolio manager Marc Steinberg a... On Tuesday announced it has appointed Elliott Investment Management situational investing teams leadership of world. 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And Lillian Radford Professor of Law staff as its revenue surged during the COVID-19 pandemic sees marc steinberg elliott Elliott! World 's most prominent activist investors, is pushing for at Salesforce Management senior portfolio manager Steinberg... Board that demonstrates such a strong commitment to shareholder value Salesforce did not immediately respond to a Reuters request comment! In Economics from the University of Pennsylvanias Wharton School of Business, from which he graduated summa laude... Select this result to view Brad Lee Steinberg age 60s in Calabasas, CA in the mergers and group! Second best result is Brad Lee Steinberg age 60s in Calabasas, CA in the mergers and acquisitions group Morgan! Monthly active users worldwide during the COVID-19 pandemic risk assets at present it reached a deal Elliott... Morgan Stanley Morgan Stanley fund, Elliott Associates, L.P., was founded in 1977, making it of! 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