Pinterest said on Tuesday that its co-founder and CEO Ben Silbermann will step down from his position and will be replaced by Google’s executive Bill Ready.
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Silbermann will transition to a newly created role of Executive Chairman, and Ready will become CEO and a member of the Board of Directors, effective June 29, 2022, the San Francisco-based firm noted.
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The announcement comes as the search-and-discovery platform with more than 400 million monthly active users worldwide plans its next period of growth. The company has been investing in creators, shopping and scaling internationally.
“In our next chapter, we are focused on helping Pinners buy, try and act on all the great ideas they see,” Silbermann said in a statement. “Bill is a great leader for this transition. He is a builder who deeply understands commerce and payments.”
Ready served as President of Commerce, Payments & Next Billion Users at Google and oversaw its vision, strategy and the delivery of its commerce products. Prior to Google, Ready served in various senior leadership roles at PayPal.
Ready’s “experience in payments, product development, and shopping, uniquely positions him to take Pinterest to its next phase of growth,” Andrea Wishom, Pinterest Board Lead Independent Director, said in a statement.
The visual inspiration platform, launched in 2010, allows users to shop products personalised to their taste, as well as find ideas. It has built a healthy advertising business and doubled revenue during the pandemic.