Summary by Moomoo AI
On August 9, 2024, Pinterest, Inc. announced a significant change in its executive team. Sabrina Ellis, the Chief Product Officer of Pinterest, will transition to an advisory role effective immediately and will leave the company on September 21, 2024, to pursue other career opportunities. The company clarified that her departure is not due to any disagreements with the company's management. As part of her departure, Pinterest will enter into a separation agreement with Ellis under the terms of the company's severance plan. This agreement includes a $600,000 cash payment, the vesting of 340,442 shares of restricted stock, potential vesting of performance-based restricted stock units (PSUs) subject to performance goals, and a cash payment equivalent to 12 months of health care benefits.