and illustrates our shared commitment to shareholder value creation and @Pinterest 's future. Rupert and Lillian Radford Professor of Law . Sign up for free newsletters and get more CNBC delivered to your inbox. Sep 2018 - Present4 years 5 months. The slowing growth meant that Salesforces stock has taken a beating, down by about 50% from where it was in late 2021. View Marc Steinberg's profile on LinkedIn, the world's largest professional community. 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"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. color:rgb(46,179,178); Announcing the layoffs, Benioff cited the economic slowdown that has resulted in many of its customers reducing spending on software. Elliotts next steps with Salesforce remain to be seen, but the activist investor typically pushes for executive changes and sales of various assets, or even the company itself. 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 hedge fund and Salesforce did not immediately respond to a Reuters request for comment, and Elliott declined to comment. In the statement, Elliott Partner Jesse Cohn and Associate Portfolio Manager Marc Steinberg commended AT&T Chairman and CEO Randall Stephenson, Lead Director Matt Rose and the entire Board and . margin-bottom: 20px; This field is for validation purposes and should be left unchanged. We undertake no duty to update this information unless required by law. The two sides had been holding talks for several months. .article-native-ad p { Words such as "believe," "project," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "plan" and similar expressions are intended to identify forward-looking statements. As part of the deal, Elliott senior portfolio manager Marc Steinberg will join Pinterest's board of directors, effective Dec. 16. Senior Portfolio Manager at Elliott Management . As part of the deal, Elliott senior portfolio manager Marc Steinberg will join Pinterests board of directors, effective Dec. 16. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. 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.. Campbells Soup Sales Were Declining. 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. Marc Steinberg's Explore Concordia page. Two of Indias leading indices fell nearly 0.5% on Monday to extend losses for a seventh straight session. Stock Radar: 30% down from highs! New York, NY. DISCLAIMER | PRIVACY POLICY | RELATED SITES. 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. 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. Earlier this year Salesforce Inc said it plans to cut jobs by 10% and close some offices after rapid pandemic hiring left it with a bloated workforce amid an economic slowdown. Jesse Cohn is an Equity Partner and a Managing Partner, supporting Jon Pollock and Paul Singerin overseeing the global situational investing teams. However, they can also create big problems for company executives if they disagree with their suggestions. Marc Steinberg is a Senior Portfolio Manager at Elliott. Cohn, who has served on the boards of several technology companies including Twitter and eBay, called Salesforce "one of the preeminent software companies in the world.". Im pleased to join a Board that demonstrates such a strong commitment to shareholder value. Experience Your Economic Times Newspaper, The Digital Way! Mike Wheatley. Elliott Investment Management L.P. manages approximately $48 billion of assets. Shares of Salesforce rose about 3% in early trading on Monday. 2022 Elliott Investment Management L.P. All rights reserved. Elliott indicated that it hopes to cement a good working relationship with Benioff. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. (if applicable) for The Wall Street Journal. Marc Steinberg Joins Board as Independent Director. According to regulatory filings, Elliott owns nearly 3% of common stock, making up a portion of its total stake of more than 9%. Pinterest reaches a deal with activist Elliott | Steinberg to join board | Kalkine MediaPinterest on Tuesday said it reached a deal with Elliott Management, . Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. A good example is Pershing Square at ADP, which transformed that company into a much stronger investment. 21 HOURS AGO, BLOCKCHAIN - BY KYT DOTSON . from 8 AM - 9 PM ET. 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. 4 2021, Published 3:06 p.m. 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. Pinterest CEO Bill Ready, who took the job . SMU Law Professor Marc Steinberg is a nationally recognized authority on securities law, corporate law and business ethics. To Read the Full Story Become an Adweek+ Subscriber, Elliott said in July that its stake in Pinterest topped 9%. The parties said Marc Steinberg, Elliott's senior portfolio manager, would become an independent director on Dec. 16. 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 Joins Board as Independent Director. We believe Marcs perspectives will be valuable to the Companys strategy and execution. Elliott has made many technology-focused investments. 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 . To interview this expert: Call 214-768-7650 or e-mail news@smu.edu. Having gotten to know both incoming Chairman Bret Taylor and incoming CEO Parag Agrawal, we are confident that they are the right leaders for Twitter at this pivotal moment for the company. Pinterest CEO Bill Ready, who took the job . . liked it 3.00 avg rating 1 rating. . Headquartered in San Francisco, Pinterest launched in 2010 and has more than 400 million monthly active users worldwide. 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. 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. 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. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. The two sides had been holding talks for several months. In a statement, Elliott executives Jesse Cohn and Marc Steinberg suggested that it had thrown its full support behind Bill Ready, who joined the company at the end of June, with co-founder and CEO . 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. Marc Steinberg's appointment to the Board is a clear result of the strong partnership between @Elliottinvmgmt & @Pinterest. 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. "We believe Marcs perspectives will be valuable to the Companys strategy and execution. Email: Marc.Steinberg@concordia.ca. In August, Elliott disclosed itself as the company's largest shareholder and said it owned 15 million shares in a filing on its September holdings. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. 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. 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 . 22 HOURS AGO, [the voice of enterprise and emerging tech]. Elliott has agreed to standstill, voting, confidentiality and other commitments as part of the cooperation agreement. 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. 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. Media Contact:Stephen SpruiellElliott Investment Management L.P.(212) 478-2017[emailprotected]. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. }. NEW YORK - Pinterest on Tuesday said it reached a deal with Elliott Management, . 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Pinterest 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. 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. He is responsible for public and private equity investments across a range of industries, including the technology, media and telecommunications sectors. Pinterest 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. Marc Steinberg is a Senior Portfolio Manager at Elliott. 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. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. border-bottom: 1px solid #ddd; 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. 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 . "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. Sign In. 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. It has also agreed to nominate Mr. Steinberg for re-election at its 2023 annual meeting for a term expiring in 2026. Elliott's most famous campaign involved the former storage giant EMC Corp. Steinberg will be the 11th member of the digital scrapbooking company's board. Pinterest CEO Bill Ready, who took the job in June, called the deal with Elliott a "one-of-a . 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 . "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 . 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