Pinterest (NYSE:PINS) said Tuesday it entered into a long-term cooperation deal with Elliott Investment Management, under which the fund will be represented on its board of directors.
Senior portfolio manager Marc Steinberg will join the board of directors effective immediately. Pinterest said the partnership will help accelerate its growth and strengthen its ability to serve its Pinners.
"We are thrilled to be partnering with Elliott and welcoming Marc to our Board of Directors," said Ben Silbermann, CEO and Co-Founder of Pinterest. "As we continue to scale, their expertise and insight will be invaluable in helping us better serve Pinners around the world."
Elliott Investment Management is a leading activist Investment firm that has taken a substantial interest in Pinterest since last year. The firm is known for its significant Investment and strategic partnerships, and has demonstrated its commitment to Pinterest by increasing its stake and becoming one of the company's largest shareholders.
"We are delighted to be working with Pinterest and its talented leadership team, and to have Marc join the Board of Directors," said Paul Singer, CEO of Elliott Management. "We are confident that Pinterest's long-term growth story is just beginning, and look forward to working together to capitalize on the company's many opportunities ahead."
The partnership between Pinterest and Elliott Investment Management comes as the company continues to break new ground in the digital media landscape. It also follows hot on the heels of the company's acquisition of Fleetsmith, a provider of cloud-based Apple device management solutions.
The long-term agreement will enable Elliott to provide strategic guidance and advice to Pinterest, as the company continues to focus on building a strong foundation for long-term success.
