It was announced that Ben Silbermann, co-founder of Pinterest, is stepping down from the CEO position on Tuesday. Bill Ready, former head of Google’s commerce business would be taking the reins instead. Before Google, Bill Ready was the executive vice president and chief operating officer of PayPal. He has also worked at places like Braintree and Venmo.
This change of executives comes along with Pinterest’s shift from advertising to e-commerce. Earlier this month, the company acquired The Yes, an A.I-powered shopping platform for fashion brands. Ben Silbermann said, “In our next chapter, we are focused on helping Pinners 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.”
The announcement led to a more than 5% jump in shares in after-hours trading.
