OPINION: New Pinterest CEO Bill Ready will face a major challenges remolding the scrapbooking site into an e-commerce player, writes columnist tpoletti.
Pinterest Inc.’s incoming Chief Executive Bill Ready will face some major challenges at his new gig, in which he is clearly being tasked with remolding the scrapbooking/pinning site into more of an e-commerce player.
Silbermann told the Wall Street Journal that he believes “Bill’s actually going to be a better CEO than I am for this next chapter.” Investors clearly believed that Ready will be a better candidate for this next phase, sending Pinterest shares up nearly 4% in after-hours trading Tuesday. But the bigger issue ahead is the company’s desire to remake itself into a place to buy things, instead of a scrapbook to share images of design, decorating and fashion ideas from content pinned by users — some of which eventually lead to dead links, or more often, items that cannot be purchased. Its current revenue comes from advertising.
PayPal Holdings Inc. PYPL, -5.43% last October reportedly made an overture to buy Pinterest, in the hopes it could spearhead this shift into e-commerce. But the deal did not happen, after the payments company’s shareholders balked at the idea, according to the Journal.
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