Pinterest Inc.
PINS,
-5.06%
is adding an executive from Elliott Management Corp. to its board of directors, part of a commitment the social-media company reached with the activist investor to help it grow.
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 company said Tuesday. It has also agreed to nominate Steinberg for re-election at its 2023 annual meeting for a term expiring in 2026.
“I view this as an extraordinarily positive collaboration,” said Pinterest Chief Executive Bill Ready in an interview. “Throughout my career across several businesses that I’ve built and led I’ve seen really great value from having the right thoughtful investor perspective at the table.”
An expanded version of this report appears on WSJ.com.
Also popular on WSJ.com:
Investors yank money from commercial-property funds, pressuring real-estate values.
Cristiano Ronaldo’s farewell could take him from the World Cup to obscurity.
