Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. 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 stock price has tumbled 38% since January and closed at $22.72 . Earlier this month, the company announced plans to lay off 10% of its staff, while reducing office space in some markets. from Harvard College, from which he graduated magna cum laude and Phi Beta Kappa. Already a member? He is responsible for public and private equity investments across a range of industries, including the technology, media and telecommunications sectors. 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 . 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. 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars. Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. 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. .article-native-ad strong { Paul Singer, founder of Elliott Management, speaking at Delivering Alpha in New York on Sept. 13, 2016. View source version on businesswire.com: We believe Marcs perspectives will be valuable to the Companys strategy and execution. This household appliance maker could see a technical bounce back from lows. We are delighted that you'd like to resume your subscription. Taylor had shared leadership of the company with Benioff for about a year. 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. Marc Steinberg is a Senior Portfolio Manager at Elliott. from 8 AM - 9 PM ET. Mr. Steinberg received his A.B. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under . 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. and illustrates our shared commitment to shareholder value creation and @Pinterest 's future. 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. It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. 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. The two sides had been holding talks for several months. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. } Stock Radar: 30% down from highs! Marc Steinberg's Explore Concordia page. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Salesforce is valued at $151.3 billion. This will alert our moderators to take action. 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. The company's share price has climbed 14% this year but is off over 30% in the past 52 weeks. 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. Website (s): The Platform Lab. 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 . margin-top: 10px; They have also lived in Altadena, CA and Westlake Village, CA. DISCLAIMER | PRIVACY POLICY | RELATED SITES. Salesforce has already had to deal with one activist investor. Elliott Investment Management L.P. manages approximately $48 billion of assets. 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. margin-bottom: 20px; "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. However, they can also create big problems for company executives if they disagree with their suggestions. 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. "We appreciate the perspective the team brings, as well as their commitment to our Company and mission. 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 . by. 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. . He added that he has "developed a deep respect for Marc Benioff and what he has built." Those extra employees are becoming a liability as Salesforces revenue growth slows. Pinterest 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. Words such as believe, project, may, will, estimate, continue, anticipate, intend, expect, plan and similar expressions are intended to identify forward-looking statements. We undertake no duty to update this information unless required by law. https://www.businesswire.com/news/home/20221206005978/en/, Investor relations: 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. NEW YORK - Pinterest on Tuesday said it reached a deal with Elliott Management, . Two of Indias leading indices fell nearly 0.5% on Monday to extend losses for a seventh straight session. click here! Your Reason has been Reported to the admin. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Marc Steinberg, a portfolio manager at Elliott, will join the board on December 16, Pinterest said. 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. 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.". Puedes cambiar tus opciones en cualquier momento desde tus controles de privacidad. You will be notified in advance of any changes in rate or terms. Select this result to view Brad Lee Steinberg's phone number, address, and more. 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. The two sides had been holding talks for several months. "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 . Sep 2018 - Present4 years 5 months. Get the scoop from strategic media pros at Disney, YouTube and more just in time for upfront season at Convergent TV, March 2122. 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. "Our collaboration with Jack and the company for the past two years has been productive and effective," Mr. Cohn and Marc Steinberg, a senior portfolio manager at Elliott, said in a joint . Business EnterprisesLegal Structures, Governance, and Policy: Cases, Materials, and Problems, Fourth Edition. Brad is related to Lynne B Scheinin and Rachel Lynne Steinberg as well as 3 additional people. Learn more. Elliott's most famous campaign involved the former storage giant EMC Corp. India is buying trucks. The hedge fund and Salesforce did not immediately respond to a Reuters request for comment, and Elliott declined to comment. color:rgb(46,179,178); 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.". Customer Service. 13 others named Jesse Cohn are on LinkedIn. Data is a real-time snapshot *Data is delayed at least 15 minutes. Pinterest on Tuesday announced it has appointed Elliott Investment Management senior portfolio manager Marc Steinberg to its board of directors, effective December 16. Mark Steinberg is the world's premier golf agent and one of four partners at powerhouse agency Excel Sports Management. Marc Steinberg Joins Board as Independent Director. Neil Doshi 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. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. 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. Marc Steinberg is a Senior Portfolio Manager at Elliott. 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 . Pinterest CEO Bill Ready, who took the job . ", "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. 625 followers . 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. 18 HOURS AGO, POLICY - BY MARIA DEUTSCHER . Jesse Cohn. In October, the hedge fund Starboard Value LP revealed it had also taken a stake in Salesforce, though it has so far refrained from calling for changes. 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. 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. margin: 0 45px; The slowing growth meant that Salesforces stock has taken a beating, down by about 50% from where it was in late 2021. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. 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. We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. Sign In. Available on iOS and Android, and at pinterest.com. PINS Price Action: Pinterest has a 52-week high of $41.23 and a 52-week low of . 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. }. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous . Last year, it forced Pinterest Inc. to add senior Elliott portfolio manager Marc Steinberg to its board. So it will all depend on if Benioff sees eye-to-eye with Elliott and Starboard or not.. 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. Elliott said in July that its stake in Pinterest topped 9%. Elliott has made many technology-focused investments. 50% off + free delivery on any order with DoorDash promo code, Wayfair Huge Surprise Spring Savings! 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. SAN FRANCISCO--(BUSINESS WIRE)-- Elliott indicated that it hopes to cement a good working relationship with Benioff. Elliott Management Corporation. 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. Elliott Investment Management L.P. manages approximately $48 billion of assets. 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. Mr. Steinberg received his A.B. Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. Senior Portfolio Manager at Elliott Management Greenwich, Connecticut, United States. Email: Marc.Steinberg@concordia.ca. New York, New York. (if applicable) for The Wall Street Journal. SOURCE Elliott Investment Management L.P. Cision Distribution 888-776-0942 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 .article-native-ad { 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. We really want to hear from you, and were looking forward to seeing you at the event and in theCUBE Club. 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. border-bottom: 1px solid #ddd; We appreciate the perspective the team brings, as well as their commitment to our Company and mission. Get your daily dose of business updates on WhatsApp. liked it 3.00 avg rating 1 rating. The two sides had been holding talks for several . 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. Campbells Soup Sales Were Declining. 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. $ + tax When typing in this field, a list of search results will appear and be automatically updated as you type. He'll also sit on Pinterest's board's audit and risk committees. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. . See others named Jesse Cohn. 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. Things could certainly be going much better for Salesforce at present. Salesforce did not immediately respond to a Reuters request for comment and Elliott declined to comment. 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. 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. Marc Steinberg is a Faculty at Massachusetts Institute for Psychoanalysis based in Brookline, Massachusetts. Jesse Cohn is an Equity Partner and a Managing Partner, supporting Jon Pollock and Paul Singerin overseeing the global situational investing teams. Elliott has made many technology-focused investments. Rupert and Lillian Radford Professor of Law . Douglas M. Branson, Joan Macleod Heminway, Mark J. Loewenstein, Marc I. Steinberg. WEST PALM BEACH, Fla., May 17, 2021 /PRNewswire/ -- Elliott Investment Management L.P. today released the following statement on behalf of Managing Partner Jesse Cohn and Portfolio Manager Marc Steinberg regarding AT&T's (NYSE: T) plan to merge media assets with Discovery: With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. The two sides had been holding talks for several months. He is responsible for public and private equity investments across a range of industries, including the technology, media and . 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. Activist investor Elliott Management has made a multi-billion dollar investment in cloud-based software firm Salesforce, according to people familiar with the matter. color: #ddd; You may cancel your subscription at anytime by calling Im pleased to join a Board that demonstrates such a strong commitment to shareholder value. Senior Portfolio Manager at Elliott Management . 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. "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. } It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. 2022 Elliott Investment Management L.P. All rights reserved. Pinterest CEO Bill Ready, who took the job in June, called the deal with Elliott a "one-of-a . Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Click here to join the free and open Startup Showcase event. Elliott has made many technology-focused investments. There are 50+ professionals named "Marc Steinberg", who use LinkedIn to exchange information, ideas, and opportunities. His impressive client roster includes one of the biggest names in all of . 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. So It Redesigned Its Iconic Can. View the profiles of professionals named "Marc Steinberg" on LinkedIn. Mike Wheatley. Pinterest reaches a deal with activist Elliott | Steinberg to join board | Kalkine MediaPinterest on Tuesday said it reached a deal with Elliott Management, . /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that have an approximately $1 . 41.23 and a Managing Partner, supporting Jon Pollock and Paul Singerin overseeing the Global Situational Investment Committees at,. Over 30 % in the past 52 weeks and in theCUBE Club all depend on if Benioff sees eye-to-eye Elliott. 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'D like to resume your subscription business EnterprisesLegal Structures, Governance, and were forward.