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· Posted on
February 21, 2024

Pinterest's CEO handed over the reins to a former Google commerce exec so cue the e-comm push

Pinterest is paving its way into the e-commerce industry - and it needs the right CEO to get it there.

What's the key learning?

  • Pinterest has been trying to pivot its business model from advertising to e-commerce
  • The company's current CEO has stepped down and handed the reins to a former Google commerce executive
  • Companies often require a new CEO for the new stage of their business.

👉 Background: Pinterest is the #inspo pioneer, whether that be home decor inspo, wedding inspo or meal inspo. It’s got around 433 million monthly users, which is actually a lil less than last year.

👉  What happened: Pinterest has been going through a biiiit of an identity crisis. Last year, it rolled out a tonne of new features to entice shoppers and advertisers to spend cash on its platform 🤑 as it heads down the e-commerce route.

👉 What else: To lead it on its journey, Pinterest's CEO handed over the reins to a former Google exec. And the company's share price shot up 9% on the news!

What's the key learning?

💡Often companies will require a new CEO for the new stage of their business.

💡Pinterest has made it clear that it wants to pivot its business model from virtually only advertising, to e-commerce. There’s a method to it: Pinners spend double those on other platforms and have 85% bigger baskets at checkout.

💡But here's the problemo: advertising has been Pinterest’s founder and CEO’s main game, so he just ain't the right fit for this transition. But the new CEO is equipped with all the right background and knowledge for the journey.

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