Pinterest has announced that former Facebook executive Gary Johnson will join the company as corporate and business development head.
Johnson was Facebook’s corporate development director.
Key Global Business Initiatives
In an announcement, Pinterest said Johnson would “focus on leading strategy for key global business initiatives and growing and scaling Pinterest’s corporate development and business development teams.”
Johnson will be reporting to chief financial officer Todd Morgenfeld, who joined Pinterest from Twitter over a year ago. Morgenfeld was Twitter’s vice president of finance.
Johnson’s appointment comes just several days after Pinterest revealed late last month that its business leader, Tim Kendall, is departing from the company.
Kendall, who will stay until the end of the month, will be setting up his own business, according to a statement from Pinterest. Kendall, however, will “continue to serve as an advisor to the company.”
Pinterest also said Jon Alferness, senior vice president for ads and commerce, will take over from Kendall.
Pinterest said further that the company’s focus “ continues to be measurable and actionable results for our partners while giving Pinners relevant ideas to help them discover and do new things.
Kendall joined Pinterest five years ago and supervised the growth of the company’s advertising business and was behind the launch of various ad products.
Meanwhile, Johnson’s entry in Pinterest may be related to the company’s IPO filing set next year, according to CNBC.
Pinterest’s value was pegged at $12.3 billion in its most recent financing round held last summer, where the company was able to raise $150 million
The total amount Pinterest has raised is now almost $1.5 billion, reports said.
Pinterest is hoping to earn $500 million this year and is working on expanding its revenue streams via partnerships with companies like Target and Samsung.
Former Facebooker Gary Johnson has joined Pinterest as head of corporate and business development.
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