Pinterest gets its first CFO - Mobile World Live

Pinterest gets its first CFO

06 OCT 2016

Todd Morgenfeld, VP, finance at Twitter, is to become Pinterest’s first chief financial officer.

“Todd brings to the company a wide range of experience from HP to the military to a fast paced environment like Twitter,” said Ben Silbermann, Pinterest’s CEO and co-founder.

“He believes in our mission and the strong business opportunity it presents. We are committed to building our company for the long term and thrilled that Todd will be an integral part of continuing this growth,” he added.

Morgenfeld joined Twitter, currently seeking a sale after struggling to grow its user base, in May last year.

Previously, he was senior VP – treasury, financial analytics and corporate development at Hewlett-Packard.

Silbermann also denied suggestions Pinterest was gearing up for an IPO, stating the hire only shows “we’re scaling the business up”, according to The Wall Street Journal (WSJ).

Pinterest, which has more than 100 million users monthly active users, was last valued at $11 billion in March 2015.

Last year it generated around $100 million in revenue, the WSJ report said, adding that Pinterest is trying to become a search engine for ideas and wants to help advertisers and retailers sell products related to the images that people “pin” or save on the platform.

In August, the app maker launched its promoted video product for businesses, coupled with featured pins below the video, citing the fact that 75 per cent of the content viewed by users on Pinterest comes from businesses.

The firm has also been on a spree of acquisitions this year. In August it bought Instapaper, the company behind an app that lets users bookmark articles. Before that it acquihired the team behind Tote, an app used to discover and shop, shortly after a similar move involving smart keyboard app Fleksy.

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Saleha Riaz

Saleha joined Mobile World Live in October 2014 as a reporter and works across all e-newsletters - creating content, writing blogs and reports as well as conducting feature interviews...More

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