Pinterest’s Ben Silbermann steps down as chief executive.

Ben Silbermann, a founder and chief govt of Pinterest, stepped down from the highest job on Tuesday after greater than a decade of working the digital pinboard service and taking it public.

Pinterest didn’t give a motive for the change. Mr. Silbermann, 39, will grow to be govt chairman. Invoice Prepared, who has run divisions inside PayPal and Google, was appointed Pinterest’s new chief govt.

Mr. Silbermann helped discovered Pinterest in 2010 and oversaw its development into a spot the place 431 million folks, principally ladies, save and share concepts for procuring, hobbies and recipes. Final 12 months, the corporate generated $316 million in revenue on income of $2.6 billion.

By means of a spokeswoman, Mr. Silbermann stated the choice to step down as chief govt got here after he assessed Pinterest’s targets on the finish of final 12 months. The corporate goals to make it simpler for folks to take actions from the issues they save on Pinterest, together with procuring. Mr. Prepared, who has 20 years of expertise engaged on funds and e-commerce companies, has “talent units that will complement mine in serving to obtain this objective,” Mr. Silbermann stated.

In 2019, he took Pinterest public amid a stampede of so-called unicorn start-ups that had waited so long as doable to faucet the general public markets and achieved sky-high valuations from personal buyers.

Pinterest shares reached a excessive of $85 in February 2021 and closed at $19.70 on Tuesday, valuing the corporate at $13 billion — solely barely greater than it was price earlier than it went public. Its shares rose 4 % in after-hours buying and selling on the information of Mr. Silbermann’s exit as chief govt.

Pinterest had developed a popularity as a “good” firm that eschewed Silicon Valley’s start-up playbook of macho, swaggering hype, partly due to its feminine person base and Mr. Silbermann’s press-shy popularity. However in recent times, the corporate got here underneath hearth as workers spoke out about their experiences with racism and sexism within the office.

In 2020, two former Pinterest workers, Ifeoma Ozoma and Aerica Shimizu Banks, tweeted about racist and sexist feedback, pay inequities and retaliation that they’d skilled on the firm. Françoise Brougher, Pinterest’s No. 2 govt, additionally sued for gender discrimination and retaliation. The occasions impressed workers to stage a digital walkout in protest. Shareholder lawsuits adopted.

Final 12 months, Christine Martinez, an entrepreneur and buddy of Mr. Silbermann, additionally sued the corporate for breach of implied contract and thought theft, claiming she had helped create Pinterest alongside him and Paul Sciarra, one other founder.

Ms. Brougher’s go well with resulted in a $22.5 million settlement, which included a joint donation of $2.5 million to charities targeted on ladies and folks of coloration within the tech business. Ms. Ozoma helped sponsor a brand new regulation in California which broadened protections for workers who communicate out about discrimination and harassment at work.