Pinterest CEO steps down, Google executive to take over in e-commerce push

• Leadership change will help company to change focus on ecommerce business from advertising business model

Pinterest Inc (NYSE: PINS) on Tuesday said its longtime Chief Executive Officer Ben Silbermann would step down, handing over the reins to Google commerce executive Bill Ready.

Shares of the company jumped more than 8% to $21.33 in the extended trading after the news but dropped to around $20.50 after 15 minutes.

Investors are expecting Pinterest to shift to e-commerce initiatives from its advertising-based business model, as the company, earlier this month, announced that it is acquiring The Yes, an AI-powered shopping platform for fashion brands.