Pinterest welcomes Bill Ready as CEO

Pinterest chief executive officer Ben Silbermann is set to step down and Bill Ready is named to take over the helm as of Wednesday.

Bill Ready, headed up Google’s commerce business and was the executive vice president and chief operating officer of PayPal.

The move comes as ad spending has taken a dive weighing on social media giants and as consumers pivot to Tik Tok.

Pinterest has lost at least seven senior executive roles as of the start of the year – a sign that management were not aligned with the product changes that the company was making.

With Pinterest set to welcome an external candidate, Mr Ready’s challenge to increase engagement is on the table. Given his background in eCommerce and payments, eyes will also be on the company’s monetization strategy.

“As someone who has spent most of my career in commerce and payments, it’s so clear to me that Pinterest has the opportunity to build something unique—something special” said Mr Ready.’

Shares have surged 4.8 per cent after hours on Wall St.