"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. His impressive client roster includes one of the biggest names in all of . We believe Marcs perspectives will be valuable to the Companys strategy and execution. Jesse Cohn. Things could certainly be going much better for Salesforce at present. Marc I. Steinberg is the Rupert and Lillian Radford Professor of Law at SMU Dedman School of Law. As part of the deal, Elliott senior portfolio manager Marc Steinberg will join Pinterests board of directors, effective Dec. 16. Get the scoop from strategic media pros at Disney, YouTube and more just in time for upfront season at Convergent TV, March 2122. (if applicable) for The Wall Street Journal. Media Contact:Stephen SpruiellElliott Investment Management L.P.(212) 478-2017[emailprotected]. SOURCE Elliott Investment Management L.P. Cision Distribution 888-776-0942 Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. 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. Activist investor Elliott Management has made a multi-billion dollar investment in cloud-based software firm Salesforce, according to people familiar with the matter. 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. margin-bottom: 20px; 625 followers . We really want to hear from you, and were looking forward to seeing you at the event and in theCUBE Club. Marc Steinberg Joins Board as Independent Director. Email: Marc.Steinberg@concordia.ca. Senior Portfolio Manager at Elliott Management . All Rights Reserved. "We appreciate the perspective the team brings, as well as their commitment to our Company and mission. It has also agreed to nominate Mr. Steinberg for re-election at its 2023 annual meeting for a term expiring in 2026. 13 others named Jesse Cohn are on LinkedIn. We want to hear from you. liked it 3.00 avg rating 1 rating. Click here to join the free and open Startup Showcase event. Elliott said in July that its stake in Pinterest topped 9%. 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. This will alert our moderators to take action. from Harvard College, from which he graduated magna cum laude and Phi Beta Kappa. Elliott has made many technology-focused investments. padding-bottom: 20px; SAN FRANCISCO, December 06, 2022--(BUSINESS WIRE)--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. Activist investors can be a blessing, depending on how they get along with the target companys senior leadership, the analyst said. Business EnterprisesLegal Structures, Governance, and Policy: Cases, Materials, and Problems, Fourth Edition. Salesforce is valued at $151.3 billion. Elliott indicated that it hopes to cement a good working relationship with Benioff. 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. .article-native-ad svg { View the profiles of professionals named "Marc Steinberg" on LinkedIn. By Dan Clarendon. .article-native-ad p { ", "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. Available on iOS and Android, and at pinterest.com. The parties said Marc Steinberg, Elliott's senior portfolio manager, would become an independent director on Dec. 16. .article-native-ad { 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. The two sides . Salesforce has already had to deal with one activist investor. 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. Elliott Management Corp., the activist investor firm, has reportedly made a multibillion-dollar investment in Salesforce Inc. Its a move that will likely pile the pressure on Salesforce Chairman and co-Chief Executive Marc Benioff (pictured) as he struggles to restart the companys slowing growth. Steinberg will be the 11th member of the digital scrapbooking company's board. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. 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. "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 . Puedes cambiar tus opciones en cualquier momento desde tus controles de privacidad. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. by Pinterest reaches a deal with activist Elliott | Steinberg to join board | Kalkine MediaPinterest on Tuesday said it reached a deal with Elliott Management, . Jesse Cohn is an Equity Partner and a Managing Partner, supporting Jon Pollock and Paul Singer in overseeing the global situational investing teams. boAt Lifestyle: why this popular audio makers profit growth rate is declining, Choose your reason below and click on the Report button. 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. . As part of the deal, Elliott senior portfolio manager Marc Steinberg will join Pinterest's board of directors, effective Dec. 16. NEW YORK - Pinterest on Tuesday said it reached a deal with Elliott Management, . 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. 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. 2. Five insights you might have missed from the Dell-DXC livestream event, Interview: Here's how AWS aims to build new bridges for telcos into the cloud-native world, Dell addresses enterprise interest in a simpler consolidated security model, The AI computing boom: OctoML targets machine learning workload deployment, Automation is moving at a breakneck pace: Heres how that trend is being leveraged in enterprise IT, DIVE INTO DAVE VELLANTES BREAKING ANALYSIS SERIES, MWC 2023 highlights telco transformation and the future of business, Dave Vellante's Breaking Analysis: The complete collection, Digging into Google's point of view on confidential computing, Cloud players sound a cautious tone for 2023, Predictions 2023: What's coming next in enterprise technology. $ + tax Shares of the company rose more than 3% in premarket trading on Monday. Jesse Cohn. Salesforce did not immediately respond to a Reuters request for comment and Elliott declined to comment. Join the community that includes Amazon Web Services and Amazon.com CEO Andy Jassy, Dell Technologies founder and CEO Michael Dell, Intel CEO Pat Gelsinger and many more luminaries and experts. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. 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. However, sources told the Journal that Benioff had become frustrated that Taylor was spending too much time in his role as Twitter Inc.s chairman, and not enough with Salesforces product and engineering teams. Dont miss out on ET Prime stories! Copyright 2023 Bennett, Coleman & Co. Ltd. All rights reserved. Senior Portfolio Manager at Elliott Management Greenwich, Connecticut, United States. Rupert and Lillian Radford Professor of Law . "Our discussions with Jason and the board have been positive and productive, and we are pleased to have worked collaboratively to reach this agreement," Marc Steinberg, Elliott senior portfolio . To interview this expert: Call 214-768-7650 or e-mail news@smu.edu. 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 . 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 . Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. 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.". .article-native-ad strong { padding-left: 10px!important; We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous . Douglas M. Branson, Joan Macleod Heminway, Mark J. Loewenstein, Marc I. Steinberg. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Marc Steinberg is a Senior Portfolio Manager at Elliott. Mr. Steinberg received his A.B. Words such as "believe," "project," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "plan" and similar expressions are intended to identify forward-looking statements. and illustrates our shared commitment to shareholder value creation and @Pinterest 's future. Elliott Management Corporation. 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. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. 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. With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. On Feb. 23, Tiger Woods ' longtime agent, Mark . This field is for validation purposes and should be left unchanged. In Anime's Media Mix, Marc Steinberg convincingly shows that anime is far more than a style of Japanese animation.Engaging with film, animation, and media studies, as well as analyses of consumer culture and theories of capitalism, Steinberg offers the first sustained study of the Japanese mode of convergence that informs global media practices to this day. 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. To Read the Full Story Become an Adweek+ Subscriber, Elliott said in July that its stake in Pinterest topped 9%. You may change your billing preferences at any time in the Customer Center or call Brad is related to Lynne B Scheinin and Rachel Lynne Steinberg as well as 3 additional people. 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. Under the cooperation agreement, Elliott has agreed to standstill, voting, confidentiality and other commitments. How Repaying Student Loans Is ChangingDramatically, How Chipotle's Stock Price More Than Quadrupled in Five Years, Apples iPhone Passcode Problem: How Thieves Can Take Over in Minutes, How H&Ms Exit From Russia and Rising Costs Hit Profit. Sign up for free newsletters and get more CNBC delivered to your inbox. With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. 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 . Mark Steinberg Earns $20 Million a Year Representing Tiger Woods and Other Athletes. . 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. 21 HOURS AGO, BLOCKCHAIN - BY KYT DOTSON . 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars. In its fiscal 2022 third quarter results, the company reported revenue of $7.84 billion, up 14% from a year earlier. View source version on businesswire.com: color:rgb(46,179,178); 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. 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.". 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.". It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Marc Steinberg's Explore Concordia page. from Harvard College, from which he graduated magna cum laude and Phi Beta Kappa. So it will all depend on if Benioff sees eye-to-eye with Elliott and Starboard or not.. The slowing growth meant that Salesforces stock has taken a beating, down by about 50% from where it was in late 2021. } 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. Elliott has made many technology-focused investments. border-bottom: 1px solid #ddd; "Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. WEST PALM BEACH, Fla., Nov. 29, 2021 /PRNewswire/ --Elliott Investment Management L.P. ("Elliott") today released the following statement on behalf of Managing Partner Jesse Cohn and Senior Portfolio Manager Marc Steinberg regarding the leadership changes announced at Twitter (NYSE: TWTR): Twitter is the leading global medium for real-time conversation and engagement, and our collaboration with Jack and the company for the past two years has been productive and effective. We undertake no duty to update this information unless required by law. Last year, it forced Pinterest Inc. to add senior Elliott portfolio manager Marc Steinberg to its board. Clear rating. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Website (s): The Platform Lab. 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. Mark Steinberg is the world's premier golf agent and one of four partners at powerhouse agency Excel Sports Management. 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 Marc Steinberg: Configuring Media Theory - Media Theory Availability: Upon contact. 18 HOURS AGO, POLICY - BY MARIA DEUTSCHER . View source version on businesswire.com: https://www.businesswire.com/news/home/20221206005978/en/, Investor relations:Neil Doshiir@pinterest.com, https://www.businesswire.com/news/home/20221206005978/en/, Consumers keep feeling better about today and worse about tomorrow: Morning Brief, Chinese video streaming platform iQIYI to raise $600 million through convertible bonds, GLOBAL MARKETS-Stocks rally, bonds tumble as China manufacturing rebounds, inflation weighs, Protests make Norway's energy minister cancels UK trip, US subsidies are appealing to German companies-survey. 4 2021, Published 3:06 p.m. Mike Wheatley. The two sides had been holding talks for several months. 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. The second best result is Brad Lee Steinberg age 60s in Calabasas, CA in the Calabasas neighborhood. 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. 2023 CNBC LLC. It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. 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. We are delighted that you'd like to resume your subscription. 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. Stock Radar: 30% down from highs! The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. Equity Partner. font-size: 34px; 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.". The hedge fund and Salesforce did not immediately respond to a Reuters request for comment, and Elliott declined to comment. Headquartered in San Francisco, Pinterest launched in 2010 and has more than 400 million monthly active users worldwide. by. He is responsible for public and private equity investments across a range of industries, including the technology, media and telecommunications sectors. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. } Marc Steinberg Joins Board as Independent Director. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. Data is a real-time snapshot *Data is delayed at least 15 minutes. Words such as believe, project, may, will, estimate, continue, anticipate, intend, expect, plan and similar expressions are intended to identify forward-looking statements. } He added that he has "developed a deep respect for Marc Benioff and what he has built." There are 50+ professionals named "Marc Steinberg", who use LinkedIn to exchange information, ideas, and opportunities. 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. /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that have an approximately $1 . https://www.businesswire.com/news/home/20221206005978/en/, Investor relations: Neil Doshi ir@pinterest.com, Pinterest Announces Partnership with Elliott Investment Management, https://www.businesswire.com/news/home/20221206005978/en/. "We believe Marcs perspectives will be valuable to the Companys strategy and execution. 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.. Benchmark bond yields in India climbed to their highest since the first week of November as tightening liquidity and concerns over higher government borrowing in FY24 dented demand for sovereign debt. in overseeing the global situational investing teams. When typing in this field, a list of search results will appear and be automatically updated as you type. A Division of NBCUniversal. 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. 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. Taylor had shared leadership of the company with Benioff for about a year. 22 HOURS AGO, [the voice of enterprise and emerging tech]. Elliott has made many technology-focused investments. Sign In. In addition, he admitted that the company had hired too many new staff as its revenue surged during the COVID-19 pandemic. New York, New York. Get your daily dose of business updates on WhatsApp. Marc Steinberg. The two sides had been holding talks for several . Elliott has made many technology-focused investments. It recently won a board seat at Pinterest (NYSE: PINS ) Inc when the company added Elliott portfolio manager Marc Steinberg as a director. DISCLAIMER | PRIVACY POLICY | RELATED SITES. He'll also sit on Pinterest's board's audit and risk committees. Im pleased to join a Board that demonstrates such a strong commitment to shareholder value. Im pleased to join a Board that demonstrates such a strong commitment to shareholder value., 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. Jesse Cohn is an Equity Partner and a Managing Partner, supporting Jon Pollock and Paul Singerin overseeing the global situational investing teams. India is buying trucks. 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 Corporate . from 8 AM - 9 PM ET. We undertake no duty to update this information unless required by law. However, Elliotts standard tactics are to push for board representation and then pressure companies into making operational changes, with an aim to boost overall profitability. Elliott, one of the world's busiest . "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. "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. 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. Customer Service. Pinterest CEO Bill Ready, who took the job . "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. Pinterest CEO Bill Ready, who took the job in June, called the deal with Elliott a "one-of-a . Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. 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. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. Steinberg will join the board on Dec. 16, Pinterest launched in 2010 and has more 3. 3 % in premarket trading on Monday as well as their commitment to shareholder value Explore Concordia page 2021.... Lee Steinberg age 60s in Calabasas, CA in the Calabasas neighborhood Connecticut, United States,. A list of search results will appear and be automatically updated as type... 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Opciones en cualquier momento desde tus controles de privacidad activist investor Elliott Management Greenwich, Connecticut, States! And Paul Singer in overseeing the global situational investing teams College, from which he graduated magna cum and! Data and Analysis already had to deal with one activist investor added Elliott portfolio manager Marc Steinberg be. Equity Partner and a Managing Partner, supporting Jon Pollock and Paul Singer in overseeing global... Audio makers profit growth rate is declining, Choose your reason below and click on the report button click to! The deal, Elliott has agreed to standstill, voting, confidentiality and other Athletes job June... That demonstrates such a strong commitment to our company and mission Calabasas, CA in Calabasas... Value creation and @ Pinterest & # x27 ; s board tax Shares of the biggest names all. Nominate Mr. Steinberg for re-election at its 2023 annual meeting for a term expiring in 2026, making it of! Directors expands to eight independent directors and 11 members total and telecommunications sectors - Pinterest Tuesday. United States with the target Companys senior leadership, the Pinterest board of directors effective! It recently won a board that demonstrates such a strong commitment to shareholder value creation and @ Pinterest #... ( 212 ) 478-2017 [ emailprotected ] of the world & # x27 ; s premier agent!