Pinterest has announced its long-time chief executive officer Ben Silbermann is stepping down, to be replaced by Google commerce executive Bill Ready.
The change in leadership reflects the company’s shift away from its advertising-based business model towards ecommerce. The news also saw shares jump by more than 5% in extended trading on Tuesday.
However, Silbermann is not leaving Pinterest, he will take up the newly created role of executive chairman and keep his board seat, while Ready will also join the board, the company said.
“Building Pinterest with such a wildly talented, kind and creative team has been the gift of a lifetime,” said Silbermann.
“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. And he shares our passion for creating a positive corner of the Internet. I’m confident he’s going to be an outstanding CEO.”
Ready is joining Pinterest from Google, where he served as president of commerce, payments and next billion users and oversaw Google’s vision, strategy and the delivery of its commerce products.
Prior to Google, Ready served in various senior leadership roles at PayPal, including executive vice President and chief operating officer.
Ready’s appointment will end Silbermann’s 12 year tenure as chief executive, which began when he co-founded the business in 2010. Pinterest has grown substantially since then and now has more than 430 million monthly active users.
“There’s no better time to join Pinterest,” said Ready.
“I have long admired the brand and platform that Ben and the Pinterest team have created and everything the Company stands for. I am excited to build on that foundation to further scale the Company’s ecosystem and drive increased value for shareholders.
“I look forward to working closely with Ben, the Board and the rest of the leadership team to capitalize on the many opportunities ahead and usher in Pinterest’s next chapter of growth and success.”