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Pinterest announced Tuesday that company CEO Ben Silbermann would be stepping down as head of the photo sharing platform, and that Google commerce executive Bill Ready would be taking over.
Pinterest's shares went up 9% after the news Tuesday and highlighted a new focus on the platform's e-commerce initiatives from its advertising-based business model.
Silbermann had been CEO of the social media platform for 12 years after he co-founded Pinterest in 2010.
Ready had run commerce and payment operations at Google for the past two years and has previously held senior leadership positions during his tenure at PayPal.
Pinterest has grown expeditiously ever since, operating with more than 430 million monthly active users.
FACEBOOK TEMPORARILY BANNED USERS WHO SAID THEY WOULD MAIL ABORTION PILLS: REPORT