Pinterest appoints Bill Ready as new CEO

Photo-sharing social media platform Pinterest has announced that Ben Silbermann is stepping down as the current CEO and he will be replaced by Bill Ready.

The company said that co-founder, CEO and President, Silbermann will transition to the newly created role of Executive Chairman.

"Building Pinterest with such a wildly talented, kind and creative team has been the gift of a lifetime," Silbermann said in a statement.

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.

Before Google, Ready served in various senior leadership roles at PayPal, including Executive Vice President and Chief Operating Officer.

"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," Ready said.

With over 400 million monthly active users, Pinterest has built a healthy advertising business that generated strong cash flow and doubled revenue during the pandemic.

In addition, Pinterest has been laser-focused on putting Pinners first, continuously improving its roadmap, investing in creators, shopping and scaling internationally.