- Pinterest CEO Ben Silbermann announced his resignation on Tuesday.
- Bill Ready, who formerly served as Google’s head of Commerce, Payments, and Next Billion Users, will take his place.
- Silbermann, on the other hand, will stay as Pinterest’s executive chairman, following in the footsteps of a number of IT CEOs who have recently shifted from the day-to-day operations of their company to a more relaxed seat in the boardroom.
- He was a top executive at both Venmo and PayPal before joining Google in 2020 to manage its multiple commerce operations.
Pinterest CEO Ben Silbermann will step down, the company announced on Tuesday. Bill Ready, who has spent the previous few years as Google’s head of Commerce, Payments, and Next Billion Users, will take his position. Silbermann, on the other hand, will remain as Pinterest’s executive chairman, following in the footsteps of a number of IT CEOs who have lately transitioned from the daily grind of running their firm to a more relaxing seat in the boardroom.
“Bill’s actually going to be a better CEO than I am for this next stage,” Silbermann said in a statement to The Wall Street Journal. There is just one way to interpret this: the time for the product dreamer founder has passed.
Pinterest’s next task is to generate revenue. a large sum of money. quickly
Pinterest has long seemed to investors like a squandered opportunity. It’s a platform with hundreds of millions of users that isn’t expanding quickly or producing much money, despite the fact that the majority of those users spend their time searching for and pinning things they want to buy. Rather than competing with merchants and shopping platforms, it has evolved into a massively powerful discovery and curation engine for customers everywhere.
There’s an appealing — and possibly immensely profitable — future in which Pinterest functions as the internet’s shopping mall: a single destination for users to browse brands from all over the web, enabling purchases everywhere (and presumably taking a cut).
Pinterest was slow to adopt shopping and purchasing capabilities, embrace the creative economy, and keep up with the future of commerce in general.
Ready, on the other hand, has a long history of being ahead of the curve in the world of e-commerce. Before joining Google in 2020 to lead its many commerce efforts, he was a top executive at both Venmo and PayPal. Google Shopping hasn’t taken over the world in the last two years, but Ready has had an impact: commerce has become a major component of YouTube’s future, Google has overhauled the way shopping operates, and the firm has reinvested in payment systems such as Wallet.
And now, Ready appears to have huge ideas for Pinterest commerce. In the next stage of “In the next stage of our journey, we will help people interact more deeply with all the amazing goods and services they find on our platform so they may build their greatest lives,” he said in a LinkedIn post announcing his departure. “As someone who has spent most of my career in commerce and payments, it is very evident to me that Pinterest has the potential to establish something unique—something remarkable.”
Ready takes over the firm at an intriguing time, as it has worked hard to take the lead in the creation of a better sort of social network while simultaneously grappling with internal claims of problematic and discriminatory work culture.
The rest of the internet is catching up to Pinterest, with services such as Snap, YouTube, and even Twitter embracing the shopping-ification of everything. Pinterest had the potential to be a huge force in internet commerce, and it still may be. However, the incoming CEO will need to act swiftly.