Google exec takes over as Pinterest CEO

Pinterest CEO Ben Silbermann, who has had a 12-year tenure as the Pinterest CEO, has stepped down from the position, handing over the role to Google commerce executive Bill Ready.

Ready has overseen the commerce operations for Google over the past two years and has previously held the roles of Executive Vice President and COO at Paypal. Silbermann, who co-founded the platform, will take the position of Executive Chairman of the Board — a newly created position.

The news of the appointment sent the social media platform’s shares soaring 9% higher in trading on Tuesday.

On the appointment, Silbermann commented: “In our next chapter, we are focused on helping Pinterest users buy, try and act on all the great ideas they see.

“Bill is a great leader for this transition. He is a builder who deeply understands commerce and payments. And he shares our passion for creating a positive corner of the Internet. I’m confident he’s going to be an outstanding CEO.”

The appointment of Ready highlights Pinterest’s shift to e-commerce away from its current advertising business model.

Bill Ready commented: “There’s no better time to join Pinterest. I have long admired the brand and platform that Ben and the Pinterest team have created and everything the Company stands for. I am excited to build on that foundation to further scale the Company’s ecosystem and drive increased value for shareholders.

“Having built multiple businesses from zero and operated at the scale of billions of users, I have a deep appreciation for what it takes to scale a business like this to the next level. I look forward to working closely with Ben, the Board and the rest of the leadership team to capitalize on the many opportunities ahead and usher in Pinterest’s next chapter of growth and success.”