Pinterest CEO Ben Silbermann steps down and Google Commerce Executive Officer Bill Ready will hold the new post on the giant social media platform. After coming to the news the light, the company’s share reached 9 percent higher in extending trading on Tuesday.

Highlighted Points

The news act as a catalyst for the company’s share and rose about 9 percent
The annual salary of the new CEO Bill Ready will be $400,000 (about Rs. 3 Crore)
Old CEO Silbermann said Bill is the great leader for this transition

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The reins of the social media platform, Pinterest will be now handled by Bill Ready, Google’s commerce executive officer. The news of this social media giant company sent the company’s shares by 9 percent higher in extended trading on Tuesday and underscored a shift in focus at Pinterest to an e-commerce initiative from its advertising-based business model.

Ready at 42, always worked in a senior leadership role at PayPal and now he will lead the social media company, Pinterest. For the past 2 years, he has been working in commerce and payment operations at the Alphabet-owned search engine giant Google.

As the company says, Silbermann, at 39 will now take up the newly created role of executive chairman and keep his board seat, and the company also revealed that the Reddy will also join the board.

Silbermann said, “In our next chapter, we are focused on helping pinners buy, try and act on all the great ideas they see.”

He also added that “Bill is a great leader for this transaction.”

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