Pinterest, Inc. (NYSE: PINS) moved over 1.04% in pre trading session on Tuesday as the company announces its financial results for the fiscal quarter and year ended December 31, 2022. Pinterest’s board of directors also authorized the repurchase of up to $500 million in Class A common stock over the next 12 months.

Pinterest CEO, Bill Ready said that they returned to MAU growth in 2022, deepened engagement, and saw their investments in personalization and relevance begins to pay off. They are expanding on this foundation by focusing on increasing monetization per user, integrating shopping into the core user experience, and increasing operational rigor. While the industry as a whole is facing challenges, they are quickly adapting to a changing macro environment and are dedicated to providing a more positive online experience for their users and advertisers.

Pinterest also announced that its board of directors has authorized a $500 million stock repurchase program of its Class A common stock over the next 12 months. Under the stock repurchase program, Pinterest is authorized to repurchase shares of its Class A common stock on the open market, in privately negotiated transactions, or in any other manner permitted by securities law and determined by management at any time and in any amount. Pinterest is under no obligation to repurchase any specific number of shares, and the program may be modified, suspended, or terminated at any time.

Separately, Pinterest announced that Todd Morgenfeld, Chief Financial Officer and Head of Business Operations, will leave the company on July 1, 2023 to pursue new career opportunities.

“On behalf of the entire company and Board of Directors, I’d like to thank Todd for his outstanding contributions to Pinterest over the last six and a half years,” said Bill Ready, Pinterest’s CEO. “Todd oversaw the company’s initial public offering (IPO), established a strong finance function, and advanced our revenue functions and business operations. Todd has been a tenacious creator of shareholder value; during his tenure, Pinterest’s revenue increased tenfold and margins expanded significantly. I’m grateful for Todd’s help over the last two quarters and appreciate his commitment to a smooth transition.”

“I am honored to have been a part of Pinterest’s transformational growth and change over the last six years,” Morgenfeld said. “I’m especially proud of the extraordinary team we’ve assembled, and I’m looking forward to seeing the company continue to innovate, execute, and grow in the coming years.”

As part of this announcement, Andréa Mallard, Chief Marketing and Communications Officer, and Bill Watkins, Chief Revenue Officer, will now report directly to Bill Ready, CEO, effective immediately. These functions are critical to providing value to Pinners and advertisers, and they will collaborate closely with the Executive Team to execute on strategic priorities.