Pinterest CEO Ben Silbermann is stepping down, but will stay on the company as its executive chairman.
Bill Ready, former head of Payments & Next Billion Users at Google, will replace him.
“Bill’s actually going to be a better CEO than I am for this next chapter,” said Silbermann.
Many tech CEOs have followed a similar trajectory, opting for more cushy jobs as the threat of a recession ushers in an air of concern over the entire economic spectrum.
Now, Pinterest has one goal: to make money. That’s where Ready comes in.
For years, Pinterest has successfully served as user’s favorite digital scrapbook, allowing them to curate and find inspiration based on their unique style.
But in order to make this model more profitable, the company is looking into a future where it serves as an online shopping mall, a trend that various social media platforms have tapped into in recent years.
“In the next phase of our journey, we will help people engage more deeply with all the inspiring products and services they find on our platform so they can build their best lives,” Ready wrote on LinkedIn.
“As someone who has spent most of my career in commerce and payments, it’s so clear to me that Pinterest has the opportunity to build something unique—something special.”