Why Pinterest Shares Are Rising Today

Pinterest Inc PINS shares are trading higher Wednesday after the company appointed former Alphabet Inc GOOG executive Bill Ready as CEO. 

Pinterest said its co-founder, president and CEO Ben Silbermann will transition to the newly created role of executive chairman and be replaced at the helm by Ready. Ready served as president of commerce, payments and next billion users at Google and oversaw the company's vision, strategy and the delivery of its commerce products. Prior to Google, Ready served in various senior leadership roles at PayPal Holdings Inc PYPL.

"Having built multiple businesses from zero and operated at the scale of billions of users, I have a deep appreciation for what it takes to scale a business like this to the next level," Ready said.

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PINS Price Action: Pinterest has traded between $81.77 and $16.14 over a 52-week period.

The stock was up 4.97% at $20.68 at press time, according to data from Benzinga Pro.

Photo: Mike Mozart from Flickr.