Pinterest (NYSE: PINS) surprised investors on June 28 by announcing that Ben Silverman, who co-founded the social media company, would resign from the CEO position and become its executive chairman instead. Silverman will be succeeded by Bill Ready, who previously led Alphabet's (NASDAQ: GOOG) (NASDAQ: GOOGL) commerce and payment efforts at Google.
Pinterest's shares initially soared 10% during after-hours trading on June 28 following the announcement, but they subsequently gave up most of those gains and advanced just 1% on June 29. The stock still remains down about 75% over the past 12 months, and it hovers just above its IPO price of $19.
Image source: Pinterest.
Source Fool.com