Pinterest CEO Ben Silbermann is stepping down and the stock is up

Longtime Pinterest CEO Ben Silbermann is stepping down, the company announced Tuesday.

Shares jumped more than 7% in after-hours trading.

Bill Ready, who was previously in charge of Google’s commerce business, is taking over the helm, effective Wednesday. Prior to joining Google, Ready was executive vice president and chief operating officer of PayPal.

“In our next chapter, we are focused on helping Pinners buy, try and act on all the great ideas they see. Bill is a great leader for this transition. He is a builder who deeply understands commerce and payments,” Silbermann said in a statement.

Silbermann, who co-founded the company in 2010, will become the company’s Executive Chairman.

Shares of Pinterest are down 45.8% year to date and are nearly 76% off of 52-week highs.

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