But that doesn’t mean it is planning an IPO.
Pinterest has hired its first CFO: Todd Morgenfeld, most recently a finance VP at Twitter who also spent time at Goldman Sachs and nine years at private equity firm Silver Lake Partners.
The hiring of a CFO is often, though not always, a signal that a company is thinking about an IPO. A Pinterest spokesperson says that’s not the case here. “We don’t have any plans for an IPO right now because we’re focused on growing the business,” the spokesperson said via email.
That’s not likely something the company would discuss publicly anyway, but it’s still worth thinking about. Pinterest, which is six years old, has a valuation of $11 billion. It brought in $100 million in revenue last year, according to the Wall Street Journal, which first broke the news about Morgenfeld’s hire.
Here’s CEO Ben Silbermann’s full statement on the new hire:
“We are excited that Todd is joining Pinterest as CFO. Todd brings to the company a wide range of experience from HP to the military to a fast paced environment like Twitter. 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.”