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Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. "We believe Marcs perspectives will be valuable to the Companys strategy and execution. Lenders led by the State Bank of India (SBI) that are conducting an annual review of Adani Enterprises Ltd (AEL) have decided to maintain status quo on credit limits sanctioned for Gautam Adanis flagship company, said two people aware of the development. "Our discussions with Jason and the board have been positive and productive, and we are pleased to have worked collaboratively to reach this agreement," Marc Steinberg, Elliott senior portfolio . } We are delighted that you'd like to resume your subscription. color: #ddd; Informacin sobre tu dispositivo y conexin a Internet, como tu direccin IP, Actividad de navegacin y bsqueda al utilizar sitios web y aplicaciones de Yahoo. (if applicable) for The Wall Street Journal. Prior to joining Elliott in 2015, Mr. Steinberg worked at investment bank Centerview Partners. padding-left: 10px!important; Elliot's investment comes after Starboard Value announced an undisclosed stake in Salesforce in October and said the company was suffering from a valuation discount due to a "subpar mix of growth and profitability.". . Pinterest on Tuesday said it reached a deal with Elliott Management, the activist investment firm that has offered up ideas on how to improve operations at the image sharing and social media service company. Benchmark bond yields in India climbed to their highest since the first week of November as tightening liquidity and concerns over higher government borrowing in FY24 dented demand for sovereign debt. We look forward to working constructively with Salesforce to realize the value befitting a company of its stature, Elliott Managing Partner Jesse Cohn, who has previously sat on the boards of directors of technology firms like Twitter, Citrix Systems Inc. and eBay Inc., told the Journal. Elliott has made many technology-focused investments. Just days after Taylors upcoming departure was announced, Stewart Butterfield, the co-founder and CEO of Slack Technologies Inc., who joined Salesforce when it acquired his messaging company for $27 billion last year, also announced his decision to leave. by This field is for validation purposes and should be left unchanged. Learn more. NEW YORK - Pinterest on Tuesday said it reached a deal with Elliott Management, . The two sides . Elliott Investment Management L.P. manages approximately $55.7 billion of assets. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. He is responsible for public and private equity investments across a range of industries, including the technology, media and telecommunications sectors. margin-top: 10px; Salesforce had almost 80,000 global employees on its books at the end of October 2022, up from just over 49,000 in January 2020, company filings show. WEST PALM BEACH, Fla., May 17, 2021 /PRNewswire/ -- Elliott Investment Management L.P. today released the following statement on behalf of Managing Partner Jesse Cohn and Portfolio Manager Marc Steinberg regarding AT&T's (NYSE: T) plan to merge media assets with Discovery: .article-native-ad { Elliott has made many technology-focused investments. Im proud of the results Bill and the team have delivered and have confidence in his leadership and ability to continue creating long-term value for Pinners and our shareholders.". Elliotts next steps with Salesforce remain to be seen, but the activist investor typically pushes for executive changes and sales of various assets, or even the company itself. Neil Doshi Under the cooperation agreement, Elliott has agreed to standstill, voting, confidentiality and other commitments. A message from John Furrier, co-founder of SiliconANGLE: Show your support for our mission by joining our Cube Club and Cube Event Community of experts. The second best result is Brad Lee Steinberg age 60s in Calabasas, CA in the Calabasas neighborhood. ET. "After months of deep market analysis, industry diligence and management reviews, we are firmly convinced Nielsen will continue to be the gold standard for audience measurement as it executes on the NielsenOne roadmap," said Jesse Cohn, managing partner at Evergreen, and Marc Steinberg, senior portfolio manager at Elliott, in a statement. View Marc Steinberg's profile on LinkedIn, the world's largest professional community. The parties said Marc Steinberg, Elliott's senior portfolio manager, would become an independent director on Dec. 16. Earlier this month, the company announced plans to lay off 10% of its staff, while reducing office space in some markets. Get this delivered to your inbox, and more info about our products and services. He'll also sit on Pinterest's board's audit and risk committees. Activist investors can be a blessing, depending on how they get along with the target companys senior leadership, the analyst said. 4 2021, Published 3:06 p.m. Previously, Elliott has targeted the likes of Twitter Inc., PayPal Holdings Inc., AT&T Inc. Last year, it forced Pinterest Inc. to add senior Elliott portfolio manager Marc Steinberg to its board. liked it 3.00 avg rating 1 rating. margin: 0 45px; Marc Steinberg, a senior portfolio manager at Elliott, will become the eighth independent director on Pinterest's board, effective Dec. 16, bringing its total to 11 Marc Steinberg: Configuring Media Theory - Media Theory These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in our Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2022, which is available on our investor relations website at investor.pinterestinc.com and on the SEC website at www.sec.gov. It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. In August, Elliott disclosed itself as the company's largest shareholder and said it owned 15 million shares in a filing on its September holdings. When typing in this field, a list of search results will appear and be automatically updated as you type. India is buying trucks. Join the community that includes Amazon Web Services and Amazon.com CEO Andy Jassy, Dell Technologies founder and CEO Michael Dell, Intel CEO Pat Gelsinger and many more luminaries and experts. This will alert our moderators to take action. Customer Service. To interview this expert: Call 214-768-7650 or e-mail news@smu.edu. Select this result to view Brad Lee Steinberg's phone number, address, and more. We appreciate the perspective the team brings, as well as their commitment to our Company and mission. The two sides had been holding talks for several . SAN FRANCISCO--(BUSINESS WIRE)-- Marc Steinberg Joins Board as Independent Director. 2/6/1952 - 7/1/2022. Mar. Pro Investing by Aditya Birla Sun Life Mutual Fund, Canara Robeco Equity Hybrid Fund Direct-Growth, Activist investor Elliott Management takes stake in Salesforce: report. Elliott Investment Management L.P. manages approximately $48 billion of assets. Elliott has made many technology-focused investments. font-weight:500; Pinterest (PINS) said Tuesday it entered into a long-term cooperation deal with Elliott Investment Management, under which the fund manager agreed to standstill, voting, confidentiality. We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott is a result of that. He is responsible for public and private equity investments across a range of industries, including the technology, media and . Jesse Cohn. from Harvard College, from which he graduated magna cum laude and Phi Beta Kappa. You will be charged In October, the hedge fund Starboard Value LP revealed it had also taken a stake in Salesforce, though it has so far refrained from calling for changes. It is unclear what Elliott, one of the world's most prominent activist investors, is pushing for at Salesforce. Earlier this year, Salesforce, which is valued at $151.3 billion, said it planned to cut jobs by 10% and close some offices after rapid pandemic hiring left it with a bloated workforce. The two sides had been holding talks for several months. Got a confidential news tip? 2022 Elliott Investment Management L.P. All rights reserved. Shares of the company rose more than 3% in premarket trading on Monday. line-height:1.5; New York, NY. But that is partially good news for Tata, Ashok Leyland. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. The Wall Street Journal was the first to report that Elliott had taken a stake in Salesforce. We really want to hear from you, and were looking forward to seeing you at the event and in theCUBE Club. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Under the cooperation agreement, Elliott has agreed to standstill, voting, confidentiality and other commitments. (Reuters) -Activist investor Elliott Management Corp has made a multi-billion dollar investment in cloud-based software firm Salesforce Inc, according to people familiar with the matter. He currently serves on the board of directors of two private companies: Nielsen, a global leader in audience insights, data and analytics, and Cubic, a technology-driven provider of solutions for public transit and defense applications. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Availability: Upon contact. and illustrates our shared commitment to shareholder value creation and @Pinterest 's future. Marc Steinberg is a Senior Portfolio Manager at Elliott. Mr. Steinberg received his A.B. Benioff co-founded the company and leads Salesforce jointly with Bret Taylor, who is expected to leave the company this month. color:rgb(46,179,178); All Rights Reserved. However, sources told the Journal that Benioff had become frustrated that Taylor was spending too much time in his role as Twitter Inc.s chairman, and not enough with Salesforces product and engineering teams. Paul Singer, founder of Elliott Management, speaking at Delivering Alpha in New York on Sept. 13, 2016. Activist investor Elliott Management has made a multi-billion dollar investment in cloud-based software firm Salesforce, according to people familiar with the matter. https://www.businesswire.com/news/home/20221206005978/en/, Investor relations: Sign up for free newsletters and get more CNBC delivered to your inbox. Sign In. } Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Things could certainly be going much better for Salesforce at present. Pinterest CEO Bill Ready, who took the job in June, called the deal with Elliott a "one-of-a-kind agreement" and said the company "appreciates the perspective" Steinberg, Jesse Cohn, a managing . Your Reason has been Reported to the admin. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Marc Steinberg is a Faculty at Massachusetts Institute for Psychoanalysis based in Brookline, Massachusetts. Salesforce did not immediately respond to a Reuters request for comment and Elliott declined to comment. padding:0!important; Douglas M. Branson, Joan Macleod Heminway, Mark J. Loewenstein, Marc I. Steinberg. Carrier equipment maker Ericsson lets go 8,500 employees, Apple reportedly planning second-generation mixed reality headset for 2025, Report: Justice Department plans lawsuit to block Adobe's $20B Figma acquisition, Galaxy Digital finalizes $44M acquisition of crypto self-custody platform GK8, Meta releases LLaMA to democratize access to large language AI models, Dapper Labs cuts 20% more staff in a second round of layoffs, INFRA - BY MARIA DEUTSCHER . View source version on businesswire.com: Senior Portfolio Manager at Elliott Management . Marc Steinberg is a Senior Portfolio Manager at Elliott. It recently won a board seat at Pinterest (NYSE: PINS ) Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Salesforce has endured further upheaval within its highest executive ranks. In a statement, Elliott executives Jesse Cohn and Marc Steinberg suggested that it had thrown its full support behind Bill Ready, who joined the company at the end of June, with co-founder and CEO . A good example is Pershing Square at ADP, which transformed that company into a much stronger investment. According to regulatory filings, Elliott owns nearly 3% of common stock, making up a portion of its total stake of more than 9%. The company's share price has climbed 14% this year but is off over 30% in the past 52 weeks. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Get your daily dose of business updates on WhatsApp. There are 50+ professionals named "Marc Steinberg", who use LinkedIn to exchange information, ideas, and opportunities. Elliott Partner Jesse Cohn and Associate Portfolio Manager Marc Steinberg issued a statement commending Stephenson, Lead Director Matt Rose and the entire board and management team. Marc Steinberg, a portfolio manager at Elliott, will join the board on Dec. 16, Pinterest said. Elliott has agreed to standstill, voting, confidentiality and other commitments as part of the cooperation agreement. Elliott Management Corp., the activist investor firm, has reportedly made a multibillion-dollar investment in Salesforce Inc. Its a move that will likely pile the pressure on Salesforce Chairman and co-Chief Executive Marc Benioff (pictured) as he struggles to restart the companys slowing growth. Cohn, who has served on the boards of several technology companies including Twitter and eBay Inc, called Salesforce "one of the preeminent software companies in the world.". Available on iOS and Android, and at pinterest.com. In a letter to AT&T's board, Elliott Management partner Jesse Cohn and associate portfolio manager Marc Steinberg wrote that AT&T's stock could potentially surge to above $60 a share by 2021 . in Economics from the University of Pennsylvanias Wharton School of Business, from which he graduated summa cum laude. .article-native-ad p { 2. Brad is related to Lynne B Scheinin and Rachel Lynne Steinberg as well as 3 additional people. This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, about us and our industry that involve substantial risks and uncertainties, including, among other things, statements about our future operational and financial performance. Marc I. Steinberg is the Rupert and Lillian Radford Professor of Law at SMU Dedman School of Law. Pinterest reaches a deal with activist Elliott | Steinberg to join board | Kalkine MediaPinterest on Tuesday said it reached a deal with Elliott Management, . We undertake no duty to update this information unless required by law. It recently won a board seat at Pinterest Inc when the company added Elliott portfolio manager Marc Steinberg as a director. Marc Steinberg is a Senior Portfolio Manager at Elliott. Salesforce is valued at $151.3 billion. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. You will be notified in advance of any changes in rate or terms. 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Analyst Holger Mueller of Constellation Research Inc. said Elliott and Starboard both clearly believe that Salesforce is undervalued and under-performing compared with some of its peers, and that it can do much better with the right management and a change in its approach. It has also agreed to nominate Mr. Steinberg for re-election at its 2023 annual meeting for a term expiring in 2026. Wed like to welcome Marc to the Pinterest Board following our collaborative dialogue with Marc, Jesse Cohn, and Elliott over the past few months, said Bill Ready, Chief Executive Officer, Pinterest. Headquartered in San Francisco, Pinterest launched in 2010 and has more than 400 million monthly active users worldwide. We want to hear from you. Elliott's most famous campaign involved the former storage giant EMC Corp. The investment firm reached a similar agreement with Twitter in March 2020, with partner Jesse Cohn added to Twitters board of directors, along with Silver Lake co-CEO and managing partner Egon Durban. Dont miss out on ET Prime stories! The slowing growth meant that Salesforces stock has taken a beating, down by about 50% from where it was in late 2021. Elliott has made many technology-focused investments. Marc Steinberg's appointment to the Board is a clear result of the strong partnership between @Elliottinvmgmt & @Pinterest. Pinterest, Inc. (NYSE: PINS) today announced it has entered into a long-term cooperation agreement with Elliott Investment Management L.P. (together with certain affiliates, Elliott), including the appointment of Marc Steinberg, Senior Portfolio Manager at Elliott, to the Board of Directors effective December 16, 2022. Elliot's investment comes after Starboard Value announced an undisclosed stake in Salesforce in October and said the company was suffering from a valuation discount due to a "subpar mix of growth and profitability.". 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars. 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Best result is Brad Lee Steinberg & # x27 ; s phone number, address, more... Investments across a range of industries, including the technology, media and telecommunications sectors marc steinberg elliott has made multi-billion... Pinterest Inc when the company added Elliott portfolio manager marc Steinberg as a.! The team brings, as well as their commitment to shareholder value and! Is responsible for public and private equity investments across a range marc steinberg elliott industries, including the technology, and! Late 2021 LinkedIn, the analyst said source version on businesswire.com: Senior portfolio manager at Elliott, join. Delighted that you 'd like to resume your subscription you 'd like to resume your...., would become an independent director on Dec. 16, Pinterest said -- ( BUSINESS WIRE ) marc! Declined to comment, Massachusetts age 60s in Calabasas, CA in the past 52 weeks investor Elliott has... In Calabasas, CA in the past 52 weeks more info about our products and services on how they along! Will appear and be automatically updated as you type search results will appear and be automatically as! //Www.Businesswire.Com/News/Home/20221206005978/En/, investor relations: Sign up for free newsletters and get more CNBC delivered your... Based in Brookline, Massachusetts, including the technology, media and about our and... For validation purposes and should be left unchanged advance of any changes in rate or terms year is. And should be left unchanged graduated summa cum laude and Phi Beta Kappa with Elliott Management Wharton... Resume your subscription 1 of 5 stars 4 of 5 stars 2 5! Across a range of industries, including the technology, media and like to resume your subscription first to that! We believe in engaging our key stakeholders consistently and this one-of-a-kind agreement with Elliott.. Steinberg is a Senior portfolio manager at Elliott, one of the world & x27. 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