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. Elliott's most famous campaign involved the former storage giant EMC Corp. You may cancel your subscription at anytime by calling SOURCE Elliott Investment Management L.P. Cision Distribution 888-776-0942 By Dan Clarendon. font-weight:500; Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under . 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 members, the social-media . SMU Law Professor Marc Steinberg is a nationally recognized authority on securities law, corporate law and business ethics. Pinterest on Tuesday announced it has appointed Elliott Investment Management senior portfolio manager Marc Steinberg to its board of directors, effective December 16. Just days after Taylors upcoming departure was announced, Stewart Butterfield, the co-founder and CEO of Slack Technologies Inc., who joined Salesforce when it acquired his messaging company for $27 billion last year, also announced his decision to leave. Sign In. We really want to hear from you, and were looking forward to seeing you at the event and in theCUBE Club. 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. 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. The news was first reported today by the Wall Street Journal, which said details of Elliotts plans for Salesforce could not be learned at this time. 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In addition, he admitted that the company had hired too many new staff as its revenue surged during the COVID-19 pandemic. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. Marc Steinberg is a Senior Portfolio Manager at Elliott. The two sides . This field is for validation purposes and should be left unchanged. 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. Puedes cambiar tus opciones en cualquier momento desde tus controles de privacidad. The two sides had been holding talks for several months. }. .article-native-ad svg { Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. There are 50+ professionals named "Marc Steinberg", who use LinkedIn to exchange information, ideas, and opportunities. In the statement, Elliott Partner Jesse Cohn and Associate Portfolio Manager Marc Steinberg commended AT&T Chairman and CEO Randall Stephenson, Lead Director Matt Rose and the entire Board and . 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. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. With Steinberg joining, the Pinterest Board of Directors expands to eight independent directors and 11 members total. MISSOULA ~ Marc was born in New York City February 6th, 1952, the eldest of four children to Alexander Steinberg and Jane Nickerson Steinberg, both progressive, hard working . Marc Steinberg's Explore Concordia page. You will be notified in advance of any changes in rate or terms. 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. New York, NY. Two of Indias leading indices fell nearly 0.5% on Monday to extend losses for a seventh straight session. We undertake no duty to update this information unless required by law. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. Your Reason has been Reported to the admin. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. 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 . Available on iOS and Android, and at pinterest.com. "We appreciate the perspective the team brings, as well as their commitment to our Company and mission. The second best result is Brad Lee Steinberg age 60s in Calabasas, CA in the Calabasas neighborhood. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. Salesforce has already had to deal with one activist investor. ", "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. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. 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. "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. Marc Steinberg's appointment to the Board is a clear result of the strong partnership between @Elliottinvmgmt & @Pinterest. (Reporting by Svea Herbst-Bayliss in New York, Sneha Bhowmik and Juby Babu in Bengaluru; Additional reporting by Tiyashi Datta and Akash Sriram; Editing by Chris Reese, Stephen Coates and Anil D'Silva). View Marc Steinberg's profile on LinkedIn, the world's largest professional community. margin-bottom: 20px; from Harvard College, from which he graduated magna cum laude and Phi Beta Kappa. 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. in Economics from the University of Pennsylvanias Wharton School of Business, from which he graduated summa cum laude. 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. 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 Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. 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. 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. padding-bottom: 20px; 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. Customer Service. Available on iOS and Android, and at pinterest.com. India is buying trucks. In August, Elliott disclosed itself as the company's largest shareholder and said it owned 15 million shares in a filing on its September holdings. 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. Paul Singer, founder of Elliott Management, speaking at Delivering Alpha in New York on Sept. 13, 2016. DISCLAIMER | PRIVACY POLICY | RELATED SITES. Mark Steinberg Earns $20 Million a Year Representing Tiger Woods and Other Athletes. He added that he has "developed a deep respect for Marc Benioff and what he has built." "We believe Marcs perspectives will be valuable to the Companys strategy and execution. 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 . We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. Data is a real-time snapshot *Data is delayed at least 15 minutes. "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. "Over the past several months, weve forged a productive partnership and the Company has made significant progress on its strategic objectives. Mar. 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. 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