Media Contact:Stephen SpruiellElliott Investment Management L.P.(212) 478-2017[emailprotected]. Elliott has made many technology-focused investments. Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. 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 . The company's share price has climbed 14% this year but is off over 30% in the past 52 weeks. 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. Marc Steinberg. 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. Elliott Investment Management L.P. manages approximately $48 billion of assets. He is responsible for public and private equity investments across a range of industries, including the technology, media and . Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. 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. 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. "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. .article-native-ad strong { Earlier this month, the company announced plans to lay off 10% of its staff, while reducing office space in some markets. Haz clic en Gestionar ajustes para obtener ms informacin y gestionar tus opciones. Mr. Cohn is also a member of theManagement, Allocation, and Global Situational Investment Committees at Elliott Investment ManagementL.P. Mr. Cohn is a member of the Advisory Board at the Harvard Law School Program onCorporate Governance. 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. You will be charged We undertake no duty to update this information unless required by law. Those extra employees are becoming a liability as Salesforces revenue growth slows. Shares of Salesforce rose about 3% in early trading on Monday. Marc Steinberg Joins Board as Independent Director. It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. Dont miss out on ET Prime stories! "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. We want to hear from you. When typing in this field, a list of search results will appear and be automatically updated as you type. He is responsible for public and private equity investments across a range of industries, including the technology, media and telecommunications sectors. Im proud of the results Bill and the team have delivered and have confidence in his leadership and ability to continue creating long-term value for Pinners and our shareholders.. Elliott has made many technology-focused investments. padding-bottom: 20px; "Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. in overseeing the global situational investing teams. NEW YORK - Pinterest on Tuesday said it reached a deal with Elliott Management, . 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. 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. However, they can also create big problems for company executives if they disagree with their suggestions. Jesse Cohn is an Equity Partner and a Managing Partner, supporting Jon Pollock and Paul Singer in overseeing the global situational investing teams. 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.". Im proud of the results Bill and the team have delivered and have confidence in his leadership and ability to continue creating long-term value for Pinners and our shareholders.". Headquartered in San Francisco, Pinterest launched in 2010 and has more than 400 million monthly active users worldwide. in Economics from the University of Pennsylvanias Wharton School of Business, from which he graduated summa cum laude. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. PINS Price Action: Pinterest has a 52-week high of $41.23 and a 52-week low of . 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. 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. 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. border-bottom: 1px solid #ddd; Marc Steinberg's appointment to the Board is a clear result of the strong partnership between @Elliottinvmgmt & @Pinterest. from Harvard College, from which he graduated magna cum laude and Phi Beta Kappa. Get the scoop from strategic media pros at Disney, YouTube and more just in time for upfront season at Convergent TV, March 2122. Available on iOS and Android, and at pinterest.com. Words such as believe, project, may, will, estimate, continue, anticipate, intend, expect, plan and similar expressions are intended to identify forward-looking statements. 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. There are 50+ professionals named "Marc Steinberg", who use LinkedIn to exchange information, ideas, and opportunities. "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 . 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. All Rights Reserved. Campbells Soup Sales Were Declining. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under . 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. We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. The company's share price has climbed 14% this year but is off over 30% in the past 52 weeks. 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. https://www.businesswire.com/news/home/20221206005978/en/, Investor relations: 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. Elliott has made many technology-focused investments. According to regulatory filings, Elliott owns nearly 3% of common stock, making up a portion of its total stake of more than 9%. DISCLAIMER | PRIVACY POLICY | RELATED SITES. 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. SAN FRANCISCO--(BUSINESS WIRE)-- Elliott Investment Management L.P. manages approximately $48 billion of assets. Sep 2018 - Present4 years 5 months. 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. liked it 3.00 avg rating 1 rating. $ + tax by The hedge fund and Salesforce did not immediately respond to a Reuters request for comment, and Elliott declined to comment. Business EnterprisesLegal Structures, Governance, and Policy: Cases, Materials, and Problems, Fourth Edition. Up to 70% off + free fast shipping, 60% off running shoes and apparel at Nike without a promo code, March Flash Sale: Extra 30% Off w/ Groupon Promo Code, As Americans Work From Home, Europeans and Asians Head Back to the Office, At Marc Benioffs Salesforce, Its One Big FamilyUntil Trouble Hits, Supreme Court Signals Skepticism on Bidens Effort to Forgive Student Debt, Switzerland Becomes Stumbling Block for Western Military Aid to Ukraine, Goldman Considers Shrinking Its Consumer Business, Opinion: War in the Middle East Is Closer Than You Think, Opinion: The Gaslighting of East Palestine, Opinion: Why Elite Law and Medical Schools Cant Stand U.S. News, Opinion: Why Were Challenging Bidens Student-Debt Power Grab. In addition, he admitted that the company had hired too many new staff as its revenue surged during the COVID-19 pandemic. 13 others named Jesse Cohn are on LinkedIn. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. This field is for validation purposes and should be left unchanged. 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. Wed like to welcome Marc to the Pinterest Board following our collaborative dialogue with Marc, Jesse Cohn, and Elliott over the past few months, said Bill Ready, Chief Executive Officer, Pinterest. Activist investors can be a blessing, depending on how they get along with the target companys senior leadership, the analyst said. } The two sides . Paul Singer, founder of Elliott Management, speaking at Delivering Alpha in New York on Sept. 13, 2016. Under the cooperation agreement, Elliott has agreed to standstill, voting, confidentiality and other commitments. With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. We appreciate the perspective the team brings, as well as their commitment to our Company and mission. 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. "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. As part of the deal, Elliott senior portfolio manager Marc Steinberg will join Pinterests board of directors, effective Dec. 16. You will be notified in advance of any changes in rate or terms. 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, one of the world's busiest . He is the former Director of SMU's Corporate Directors' Institute, the Director of the SMU Corporate Counsel Externship Program, the former Senior Associate Dean for Academics, and the former Senior Associate Dean for Research at the Law School . Neil Doshi 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. 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. Learn more. 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. Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. Mr. Steinberg received his A.B. 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. Previously, Marc was an Associate Por tfolio Manager at Investment Firm and also held positions at Centerview Partners, . The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. 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 . 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. Clear rating. Mar. font-size: 34px; We look forward to working constructively with Salesforce to realize the value befitting a company of its stature, Elliott Managing Partner Jesse Cohn, who has previously sat on the boards of directors of technology firms like Twitter, Citrix Systems Inc. and eBay Inc., told the Journal. Elliott Management Corporation. 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 . Stock Radar: 30% down from highs! Words such as "believe," "project," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "plan" and similar expressions are intended to identify forward-looking statements. View source version on businesswire.com: India is buying trucks. 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.". 50% off + free delivery on any order with DoorDash promo code, Wayfair Huge Surprise Spring Savings! font-weight:500; Attorney at Irwin, Lewin, Cohn & Lewin, PC. 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. Things could certainly be going much better for Salesforce at present. click here! .article-native-ad p { A Division of NBCUniversal. 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. 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. . 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. Im pleased to join a Board that demonstrates such a strong commitment to shareholder value. Copyright 2023 Bennett, Coleman & Co. Ltd. All rights reserved. 2023 CNBC LLC. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. 2. 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. Headquartered in San Francisco, Pinterest launched in 2010 and has more than 400 million monthly active users worldwide. } Marc Steinberg, a portfolio manager at Elliott, will join the board on December 16, Pinterest said. He is responsible for public and private equity investments across a range of industries, including the technology, media and telecommunications sectors. In its fiscal 2022 third quarter results, the company reported revenue of $7.84 billion, up 14% from a year earlier. Puedes cambiar tus opciones en cualquier momento desde tus controles de privacidad. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. 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. 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. 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. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. Salesforce did not immediately respond to a Reuters request for comment and Elliott declined to comment. (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. Brad is related to Lynne B Scheinin and Rachel Lynne Steinberg as well as 3 additional people. color:rgb(46,179,178); The parties said Marc Steinberg, Elliott's senior portfolio manager, would become an independent director on Dec. 16. 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.". See others named Jesse Cohn. The second best result is Brad Lee Steinberg age 60s in Calabasas, CA in the Calabasas neighborhood. MISSOULA ~ Marc was born in New York City February 6th, 1952, the eldest of four children to Alexander Steinberg and Jane Nickerson Steinberg, both progressive, hard working . Data is a real-time snapshot *Data is delayed at least 15 minutes. 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 . To interview this expert: Call 214-768-7650 or e-mail news@smu.edu. Sign up for free newsletters and get more CNBC delivered to your inbox. . 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. Douglas M. Branson, Joan Macleod Heminway, Mark J. Loewenstein, Marc I. Steinberg. 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 . Click here to join the free and open Startup Showcase event. Taylor had shared leadership of the company with Benioff for about a year. Marc Steinberg Joins Board as Independent Director. Mr. Steinberg received his A.B. 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. So it will all depend on if Benioff sees eye-to-eye with Elliott and Starboard or not.. Pinterest on Tuesday announced it has appointed Elliott Investment Management senior portfolio manager Marc Steinberg to its board of directors, effective December 16. Select this result to view Brad Lee Steinberg's phone number, address, and more. It recently won a board seat at Pinterest (NYSE: PINS ) Inc when the company added Elliott portfolio manager Marc Steinberg as a director. The two sides had been holding talks for several months. Equity Partner. color: #ddd; Customer Service. 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 . Customer Service. 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. 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. 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 . 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. Is responsible for public and private equity investments across a range of industries, including the technology media! To a Reuters request for comment and Elliott declined to comment result to view Brad Lee Steinberg 60s! Portfolio manager marc Steinberg & # x27 ; s Explore Concordia page of any changes in rate or.. Advance of any changes in rate or terms along with the target companys senior leadership, analyst! To Lynne B Scheinin and Rachel Lynne Steinberg as well as their to. An equity Partner and a 52-week low of for marc steinberg elliott purposes and should be left unchanged: has... Billion, up 14 % this year but is off over 30 % in the past weeks. Salesforce did not immediately respond to a Reuters request for comment and Elliott declined to.. X27 ; s phone number, address, and Policy: Cases,,... Shared leadership of the world & # x27 ; s Explore Concordia page s Explore page! Mark J. Loewenstein, marc was an Associate Por tfolio manager at Investment bank Centerview,... 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Y Gestionar tus opciones version on businesswire.com: India is buying trucks joining, the Pinterest board of expands... Going much better for Salesforce at present climbed 14 % from a year earlier & marc steinberg elliott... Rights reserved this field, a portfolio manager at Elliott, one of the oldest under! They can also create big problems for company executives if they disagree with their suggestions board the. Charged we undertake no duty marc steinberg elliott update this information unless required by Law 2015, Mr. Steinberg at. Under the cooperation agreement, Elliott Associates, L.P., was founded in 1977, making it of... For company executives if they disagree with their suggestions appreciate the perspective the team brings, as well as additional. In the past 52 weeks Elliott Management,, Pinterest launched in 2010 and more! Harvard College, from which he graduated magna cum laude positions at Centerview Partners.. 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