Salesforce Manages To Avoid Proxy Fight Paul Singer's Elliott Management, Thank To Upbeat Q4 Earnings - Salesforce (NYSE:CRM)

On Monday, Salesforce, Inc CRM issued a joint statement regarding its 2023 annual meeting and related director elections.
Activist investor Elliott Investment Management decided not to proceed with director nominations, and Salesforce and Elliott will continue the productive working relationship.
Salesforce's upcoming annual meeting will proceed in the ordinary course.
As of January, Activist investor Elliott looked to nominate a slate of directors at Salesforce, signaling a fight for board seats.
Elliott discussed this with numerous technology executives and those with other industry backgrounds.
Elliott made a multibillion-dollar investment in Salesforce. Elliott managing partner Jesse Cohn said he looked forward to "working constructively" with a company he had followed for nearly two decades.
Salesforce slashed 10% of its workforce and reduced its office space in specific markets as customers became cautious about spending following the pandemic recovery and macro headwinds.
Salesforce also lost its co-CEO Bret Taylor, who resigned to pursue entrepreneurship.
The decline in Salesforce's shares drew a hive of activists to the company, including Starboard Value LP, Jeff Ubben's Inclusive Capital, and ValueAct Capital Partners LP.
Elliott is known for taking on tech companies and forcing changes, including sales and executive shake-ups.
Salesforce COO Brian Millham had hinted at further layoffs as activist investors kept pressing management to take actions to improve profits.
Earlier In March, Salesforce reported better-than-expected Q4 results and issued strong guidance.
Salesforce Q4 revenue increased 14% to $8.38 billion, which beat average analyst estimates of $7.99 billion. The company reported quarterly earnings of $1.68 per share, which beat consensus estimates of $1.37.
Price Action: CRM shares traded lower by 0.28% at $190.60 in the premarket on the last check Monday.

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