Pinterest said that long-time CEO Ben Silbermann will step down, turning over the social media network to Google commerce executive Bill Ready.

The revelation pushed Pinterest's shares up 9 percent in extended trading on Tuesday, highlighting the company's transition away from its advertising-based economic model and into e-commerce operations.

Ready, 42, joins the firm as an executive who formerly led commerce and payment operations at Alphabet-owned search engine Google. Ready has also held senior management positions at PayPal.

Pinterest now has over 430 million monthly active users

Silbermann's 12-year career as CEO, which began when he co-founded the firm in 2010, comes to an end with his appointment. Since then, Pinterest has expanded significantly, and it now has over 430 million monthly active users.

Silbermann, 39, will take on the newly established post of executive chairman while maintaining his board seat, and Ready will also join the board, according to the business.

Ready will be paid $400,000 per year (almost Rs. 3 crores) and will be eligible for a stock option award to purchase about 8.6 million Class A shares.

"In our next phase, we want to assist Pinners to buy, try, and act on all the fantastic ideas they see," Silbermann explained.

"Bill is an excellent transition leader," he continued.

Pinterest has quietly debuted its TV Studio app, available for both Android and iOS devices

Pinterest has quietly debuted its TV Studio app and made it available to select producers on its platform. The new software is now available for both Android and iOS devices. The Pinterest TV Studio app is intended to make live streaming easier for creators. It will enable developers to begin a live stream with a better streaming setup, editing tools, and various camera options. However, the firm has not yet formally disclosed anything about this app, maybe because it is presently only available to a limited number of authors.