Shares of Pinterest Inc. rallied 4% in the after-hours session Tuesday after the social-media company said that co-founder Ben Silbermann is stepping down as chief executive and is being replaced by an e-commerce executive from Google.
Bill Ready, who served as President of Commerce and Payments for Alphabet Inc., GOOG and Google, will become a chief executive and a member of the board of directors on Wednesday, according to Pinterest PINS.
Ready oversaw Google's vision, strategy and delivery of its commerce products, according to Pinterest. He also served in senior leadership positions at the PayPal Inc. PYPL, including chief operating officer, the company said. Silbermann said that Pinterest's next chapter will be focused on helping Pinners buy, try and act on all the great ideas they see. Bill is a great leader in this transition. He is a builder who understands commerce and payments. Ready said his mission is to further scale the company's ecosystem. Shares of Pinterest went down nearly 5% during the regular trading day. The S&P 500 index SPX has lost 26% of its value this year, compared with a decline of 16% for the stock of Pinterest this year.