Pinterest CFO Resigns, Interim Successor Named; Shares Drop 3%
PINS sits 60% above its 52-week low of $13.84 on light trading volume (0.1× avg).
Summary
CFO Julia Brau Donnelly resigned on August 26 to pursue another opportunity, effective October 30. VP of Finance Vikram Naidu will serve as interim CFO. The company says the departure is not due to any disagreement. Shares fell 3.1% to $22.47 on the news. This follows the 8-K filed August 28 disclosing the resignation; the market is now reacting to the leadership change. An external search for a permanent successor is underway.
At the time of this announcement, PINS was trading at $22.12 on NYSE in the Technology sector, with a market capitalization of approximately $12.5B. The 52-week trading range was $13.84 to $38.57. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Benzinga.