Salesforce appoints new board directors amid activist investor pressure |
27 january (Reuters) – Salesforce Inc ( CRM.N ) on Friday appointed three new board directors, including the head of hedge fund ValueAct Capital, amid pressure from activist investors for better cost controls and a management shakeup at the cloud-based software firm. .
The company appointed Mason Morfit, CEO of hedge fund ValueAct Capital, Mastercard ( MA.N ) CFO Sachin Mehra and former Carnival Corp ( CCL.N ) Chief Executive Arnold Donald to its board.
Elliott Management Corp, the activist investment firm that recently made a multimillion-dollar investment in Salesforce, plans to nominate several director candidates, Reuters reported on Thursday.
Salesforce has at least four activist investors, including Elliott, Starboard Value, Jeff Ubben’s Inclusive Capital and ValueAct, the firm that Ubben founded and is now run by Mason Morfit, sources familiar with the matter said.
At the beginning of this year, the company jobs 10announced plans to cut 10% of the workforce and close some offices after a flurry of pandemic-related hiring left it with a bloated workforce.
The company also said that 20Sanford Robertson and Alan Hassenfeld, Salesforce directors since 2003, will not seek re-election.
Reporting by Tiyashi Datta in Bengaluru; Edited by Sherry Jacob-Phillips and Arun Koyyur
Our standards: Thomson Reuters Trust Principles.
2023-01-27 18:33:09
Source – reuters
Translation“24 HOURS”