Ready’s appointment plays into that goal. He joins Pinterest after spending the past two years leading commerce and payments at Alphabet Inc.’s Google. Ready, 42, is also worked for years at payments company PayPal.
“In our next chapter, we are focused on helping Pinners buy, try and act on all the great ideas they see,” Silbermann said in the statement. “Bill is a great leader for this transition. He is a builder who deeply understands commerce and payments.”
Andrea Wishom, Pinterest’s lead independent director, echoed those comments in a statement, saying Ready’s “experience in payments, product development and shopping uniquely positions him to take Pinterest to its next phase of growth.”
The site gained users during the early part of the pandemic as people stayed home looking for things to do around the house such as gardening and decorating. But holding onto that growth became difficult as the intensity of the pandemic waned and people began returning to other activities. Pinterest said in April that global monthly active users declined 9% year-over-year in the first quarter.
Mark Mahaney, an analyst at Evercore ISI, called the move “a drastic step.”
“If you’re bringing somebody from the outside of the company in, you’ve just thrown a lot of uncertainty into Pinterest and into the management team,” Mahaney said in an interview with Bloomberg Television’s Emily Chang.
Silbermann is the latest CEO to step down from a company that gained customers and sales during the pandemic but has struggled to retain that growth—a group that includes John Foley of Peloton Interactive Inc. and Dan Springer of DocuSign Inc. Other founders that also have ended their tenures as CEO within the past year are Amazon.com Inc.’s Jeff Bezos and Twitter Inc.’s Jack Dorsey.
Pinterest shares gained about 4% in extended trading after closing at $19.70 in New York. The stock has declined 46% this year.