Salesforce Inc., which has attracted five activist investors as earnings growth has slowed down, is reportedly facing a board challenge from one of them.
Elliott Management is preparing to put forth its own slate of directors at the company’s annual meeting this year, CNBC reported Wednesday based on unnamed sources. There were few hard details about the actual plan, with the report saying that Elliott could seek two or three board seats, one of which will likely go to Jesse Cohn, a managing partner and head of U.S. equity...
Salesforce CRM has already announced a shake-up for its board since the activist investors came on board, ditching two directors who had been on the board for 20 years and naming three new board members, including the chief executive of one of its activist investors, ValueAct Capital’s Mason Morfit. Elliott is known for seeking board seats and changes at companies in which it invests.
Salesforce is scheduled to report fourth-quarter earnings after markets close on Wednesday. With the multi-activist attack, recent large layoffs and departures of prominent executives such as co-CEO Bret Taylor and Slack co-founder Stewart Butterfield, Wedbush Securities analyst Dan Ives has called this earnings report “a seminal call for the CRM story.”
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