Pinterest (NYSE:PINS) opened lower on investor comments.
The company reported an official from activist investor Elliott Management was added to the image-sharing website operator’s board of directors. Senior portfolio manager Marc Steinberg will become Pinterest’s 11th board member, effective December 16, and the company agreed to renominate him for a new three-year term at next year’s annual meeting.
Said CEO Bill Ready, “We appreciate the perspective the team brings, as well as their commitment to our Company and mission. We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. 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.”
Steinberg is a Senior Portfolio Manager at Elliott. He is responsible for public and private equity investments across a range of industries, including the technology, media and telecommunications sectors. He currently serves on the board of directors of two private companies.
Pinterest, according to this morning’s news release, “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. 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.”
PINS shares lost 19 cents to $22.53.
