: Pinterest CEO change suggests e-commerce push that would be ‘welcomed’ in current market

by | Jun 29, 2022 | Stock Market

Pinterest Inc. is expected to make a deeper push into commerce under its newly named chief executive, a move greeted with some cheers among Wall Street analysts despite a muted stock reaction. Shares of the company, which helps people collect inspirational ideas from across the internet, were off 1.4% in morning trading Wednesday following Pinterest’s
PINS,
-0.36%
announcement an afternoon earlier that co-founder Ben Silbermann would be stepping down from the CEO post and replaced by Bill Ready, a veteran of Alphabet Inc.’s
GOOG,
-0.26%

GOOGL,
-0.44%
Google and PayPal Holdings Inc.
PYPL,
-0.93%
The stock had been up as much as 11% in after-hours trading Tuesday, according to FactSet data.

“I absolutely believe that Pinterest has the potential to be a 100-year company,” Ready wrote in a LinkedIn post. He added that Pinterest will look to “help people engage more deeply” with what they see on Pinterest, and said that his background in commerce and payments gives him confidence that Pinterest can “build something unique.” Opinion: Pinterest’s new CEO faces rough road in getting users to buy instead of just pinning Baird’s Colin Sebastian saw the move as “incrementally positive” for Pinterest’s story. “We have long highlighted the potential for Pinterest to become a fully functional commerce platform, and recent product development, and leadership changes, suggest this is now a top company priority,” he wrote. While Sebastian expects that “near-term trends are likely to remain choppy” for the company, he sees news of the CEO change “as a positive step toward realizing Pinterest’s potential.” Bernstein’s Mark Shmulik was also upb …

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