The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. Mr. Steinberg received his A.B. Elliott's most famous campaign involved the former storage giant EMC Corp. Words such as "believe," "project," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "plan" and similar expressions are intended to identify forward-looking statements. margin: 0 45px; "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. SOURCE Elliott Investment Management L.P. Cision Distribution 888-776-0942 With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. We really want to hear from you, and were looking forward to seeing you at the event and in theCUBE Club. Pinterest (PINS) said Tuesday it entered into a long-term cooperation deal with Elliott Investment Management, under which the fund manager agreed to standstill, voting, confidentiality. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. We undertake no duty to update this information unless required by law. Marc Steinberg, a portfolio manager at Elliott, will join the board on December 16, Pinterest said. from Harvard College, from which he graduated magna cum laude and Phi Beta Kappa. Available on iOS and Android, and at pinterest.com. 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 . New York, New York. He currently serves on the board of directors of two private companies: Nielsen, a global leader in audience insights, data and analytics, and Cubic, a technology-driven provider of solutions for public transit and defense applications. To interview this expert: Call 214-768-7650 or e-mail news@smu.edu. Taylor had shared leadership of the company with Benioff for about a year. }. 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 . Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. The recent selloff mirrors the weak trend in global equities after a series of US economic data including Fridays consumer price inflation, which is the Federal Reserves most preferred inflation gauge compounded fears the Federal Reserve will keep policy rates elevated for longer than the market had priced in. Marc Steinberg is a Senior Portfolio Manager at Elliott. Cohn, who has served on the boards of several technology companies including Twitter and eBay Inc, called Salesforce "one of the preeminent software companies in the world.". "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. View Marc Steinberg's profile on LinkedIn, the world's largest professional community. by. Learn more. The two sides had been holding talks for several months. He is responsible for public and private equity investments across a range of industries, including the technology, media and . Salesforce has already had to deal with one activist investor. India is buying trucks. Last year, it was announced that Benioffs co-CEO Bret Taylor will depart the company at the end of January, leaving Benioff the sole CEO once more. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. in overseeing the global situational investing teams. This field is for validation purposes and should be left unchanged. Prior to joining Elliott in 2004, Mr. Cohn was an Analyst in the mergers and acquisitions group at Morgan Stanley. It has also agreed to nominate Mr. Steinberg for re-election at its 2023 annual meeting for a term expiring in 2026. 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. But that is partially good news for Tata, Ashok Leyland. 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. Campbells Soup Sales Were Declining. 2/6/1952 - 7/1/2022. Elliott Investment Management L.P. manages approximately $48 billion of assets. Twitter is now executing against an ambitious multi-year plan to dramatically increase the company's reach and value, and we look forward to the next chapter of Twitter's story. Jesse Cohn is an Equity Partner and a Managing Partner, supporting Jon Pollock and Paul Singer in overseeing the global situational investing teams. 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. https://www.businesswire.com/news/home/20221206005978/en/, Investor relations: The parties said Marc Steinberg, Elliott's senior portfolio manager, would become an independent director on Dec. 16. by color: #ddd; 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. Salesforce is valued at $151.3 billion. When typing in this field, a list of search results will appear and be automatically updated as you type. .article-native-ad { Steinberg will be the 11th member of the digital scrapbooking company's board. He is the former Director of SMU's Corporate Directors' Institute, the Director of the SMU Corporate Counsel Externship Program, the former Senior Associate Dean for Academics, and the former Senior Associate Dean for Research at the Law School . A good example is Pershing Square at ADP, which transformed that company into a much stronger investment. Marc Steinberg's Explore Concordia page. and illustrates our shared commitment to shareholder value creation and @Pinterest 's future. Douglas M. Branson, Joan Macleod Heminway, Mark J. Loewenstein, Marc I. Steinberg. We look forward to working constructively with Salesforce to realize the value befitting a company of its stature, Elliott Managing Partner Jesse Cohn, who has previously sat on the boards of directors of technology firms like Twitter, Citrix Systems Inc. and eBay Inc., told the Journal. Salesforce did not immediately respond to a Reuters request for comment and Elliott declined to comment. Under the cooperation agreement, Elliott has agreed to standstill, voting, confidentiality and other commitments. View source version on businesswire.com: 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. DISCLAIMER | PRIVACY POLICY | RELATED SITES. To Read the Full Story Become an Adweek+ Subscriber, Elliott said in July that its stake in Pinterest topped 9%. 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. Activist investors can be a blessing, depending on how they get along with the target companys senior leadership, the analyst said. . The rupee, too, declined to its lowest in more than four months amid an evident softness in local risk assets. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. . Global Business and Financial News, Stock Quotes, and Market Data and Analysis. ET. Pinterest on Tuesday said it reached a deal with Elliott Management, the activist investment firm that has offered up ideas on how to improve operations at the image sharing and social media service company. On Feb. 23, Tiger Woods ' longtime agent, Mark . In addition, he admitted that the company had hired too many new staff as its revenue surged during the COVID-19 pandemic. .article-native-ad p { 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. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including: general economic and political uncertainty in global markets and a worsening of global economic conditions or low levels of economic growth, including inflation, foreign exchange fluctuations and supply-chain issues as well as events such as Russia's invasion of Ukraine; our ability to provide useful and relevant content; our ability to attract and retain creators that create relevant and engaging content on our platform; risks associated with new products and changes to existing products as well as other new business initiatives; our ability to maintain and enhance our brand and reputation; compromises in security; our financial performance and fluctuations in operating results; our dependency on online application stores' and internet search engines methodologies and policies; discontinuation, disruptions or outages in authentication by third-party login providers; changes by third-party login providers that restrict our access or ability to identify users; competition; our ability to scale our business and revenue model; our reliance on advertising revenue and our ability to attract and retain advertisers and effectively measure advertising campaigns; our ability to effectively manage growth and expand and monetize our platform internationally; our lack of operating history and ability to sustain profitability; decisions that reduce short-term revenue or profitability or do not produce expected long-term benefits; the impact of the COVID-19 pandemic, including its impact on our business as well as on global and regional economies and economic activity; risks associated with government actions, laws and regulations that could restrict access to our products or impair our business; litigation and government inquiries; privacy, data and other regulatory concerns; real or perceived inaccuracies in metrics related to our business; disruption, degradation or interference with our hosting services and infrastructure; our ability to attract and retain personnel; and the dual class structure of our common stock and its effect of concentrating voting control with stockholders who held our capital stock prior to the completion of our initial public offering. Experience Your Economic Times Newspaper, The Digital Way! 2023 CNBC LLC. By Dan Clarendon. 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. Equity Partner. "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. } Sign up for free newsletters and get more CNBC delivered to your inbox. Pinterest CEO Bill Ready, who took the job . Though that may not seem too bad, it still represents a significant slowdown from the 27% revenue growth Salesforce recorded in the same period a year earlier. 21 HOURS AGO, BLOCKCHAIN - BY KYT DOTSON . Marc Steinberg's research focuses on animation, media industry studies, and digital media, focusing on the role of digital platforms in mediating cultural production and experience. Elliott has made many technology-focused investments. 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. It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. So It Redesigned Its Iconic Can. We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. Mr. Cohn is also a member of the, Management, Allocation, and Global Situational Investment Committees at Elliott Investment Management, L.P. Mr. Cohn is a member of the Advisory Board at the Harvard Law School Program on. Marc Steinberg Joins Board as Independent Director. Two of Indias leading indices fell nearly 0.5% on Monday to extend losses for a seventh straight session. See others named Jesse Cohn. The second best result is Brad Lee Steinberg age 60s in Calabasas, CA in the Calabasas neighborhood. 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. margin-top: 10px; Senior Portfolio Manager at Elliott Management . The stock price has tumbled 38% since January and closed at $22.72 . 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. Website (s): The Platform Lab. padding:0!important; This household appliance maker could see a technical bounce back from lows. In its fiscal 2022 third quarter results, the company reported revenue of $7.84 billion, up 14% from a year earlier. margin-bottom: 20px; Rupert and Lillian Radford Professor of Law . Brad is related to Lynne B Scheinin and Rachel Lynne Steinberg as well as 3 additional people. Elliott, one of the world's busiest . font-weight:500; Click here to join the free and open Startup Showcase event. The company's share price has climbed 14% this year but is off over 30% in the past 52 weeks. Marc Steinberg Joins Board as Independent Director. Previously, Elliott has targeted the likes of Twitter Inc., PayPal Holdings Inc., AT&T Inc. Last year, it forced Pinterest Inc. to add senior Elliott portfolio manager Marc Steinberg to its board. Previously, Marc was an Associate Por tfolio Manager at Investment Firm and also held positions at Centerview Partners, . All Rights Reserved. Haz clic en Gestionar ajustes para obtener ms informacin y gestionar tus opciones. ", "Elliott understands our vision at Pinterest: to build a place where Pinners can find inspiration and, in doing so, create value for businesses," said Ben Silbermann, Co-founder and Executive Chairman, Pinterest. According to regulatory filings, Elliott owns nearly 3% of common stock, making up a portion of its total stake of more than 9%. } Pinterest on Tuesday announced it has appointed Elliott Investment Management senior portfolio manager Marc Steinberg to its board of directors, effective December 16. Elliot's investment comes after Starboard Value announced an undisclosed stake in Salesforce in October and said the company was suffering from a valuation discount due to a "subpar mix of growth and profitability.". As part of the deal, Elliott senior portfolio manager Marc Steinberg will join Pinterest's board of directors, effective Dec. 16. Customer Service. 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.. padding-left: 10px!important; Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous . Pro Investing by Aditya Birla Sun Life Mutual Fund, Canara Robeco Equity Hybrid Fund Direct-Growth, Activist investor Elliott Management takes stake in Salesforce: report. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. 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., Pinterests unique business model is at the intersection of search, social media and commerce, with significant opportunity for growth and value creation, said Marc Steinberg. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. 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 managing . Dont miss out on ET Prime stories! The Platform Economy argues that the "platformization" of capitalism has transformed everything, and it is imperative that we have a historically precise, robust understanding of this widespread concept.Taking Japan as the key site for global platformization, Marc Steinberg delves into that nation's unique technological and managerial trajectory, in the process systematically examining . A Division of NBCUniversal. 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.". Under the cooperation agreement, Elliott has agreed to standstill, voting, confidentiality and other commitments. Last year, it forced Pinterest Inc. to add senior Elliott portfolio manager Marc Steinberg to its board. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. "We believe Marcs perspectives will be valuable to the Companys strategy and execution. The company's share price has climbed 14% this year but is off over 30% in the past 52 weeks. We appreciate the perspective the team brings, as well as their commitment to our Company and mission. Mark Steinberg Earns $20 Million a Year Representing Tiger Woods and Other Athletes. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. 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 . 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.". He added that he has "developed a deep respect for Marc Benioff and what he has built." 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