Pinterest has named its first chief financial officer, a signal that the company could be inching closer to an IPO.
Todd Morgenfeld is now the CFO at Pinterest, according to a report from the Wall Street Journal. Morgenfeld is joining the company from Twitter, where he currently serves as the vice president of finance, a role he’s held for about a year and a half.
Pinterest began as a something of a virtual mood board in 2010, but aims to become more of a search engine and perhaps a portal to ecommerce. The company is valued around $11 billion, according to Pitchbook, and reportedly generated more than $100 million in 2015, as much as five times the increase from the year before.
Rumours of an IPO have been swirling for months, and the fact that the company now has a CFO is a sign that it could happen in the near future. Pinterest CEO Ben Silbermann denied this to the Journal, saying that the hiring “reflects that we’re scaling the business up.”