off-the-wire

Salesforce says Elliott will not nominate directors to board

Kitco Media
By Reuters
Published:
Updated:
Reuters

March 27 (Reuters) - Salesforce Inc (CRM.N) said on Monday activist investor Elliott Management Corp has decided to not proceed with director nominations to the board of the cloud-based software provider, due to its strong earnings and 2024 transformation initiatives.

"Salesforce and Elliott have committed to continue the productive working relationship they have developed together," a joint statement from the companies said.

Earlier this month, Reuters reported Elliott nominated a slate of directors to Salesforce's board.

Around the same time Salesforce gave an upbeat full-year profit forecast and doubled its share repurchase to $20 billion, placating activist investors pushing for changes amid slowing growth.

Elliott unveiled its multi-billion dollar stake in Salesforce January. Other hedge funds with stakes include Jeff Ubben's Inclusive Capital Partners, Jeff Smith's Starboard Value, ValueAct Capital and Third Point.

Reporting by Juby Babu in Bengaluru; Editing by Sherry Jacob-Phillips and Savio D'Souza
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