From Breakingviews - Salesforce sufficiently acquiesces to angry mob
Benioff’s history of cycling through co-CEOs remains a concern and the board should insist on a clear succession plan. Otherwise, however, Salesforce has essentially acquiesced to everything activist investors, including Jeff Smith’s Starboard Value and Jeff Ubben’s Inclusive Capital, wanted.
Salesforce already has three new directors, one of which is ValueAct’s Mason Morfit. Appointing more may be counterproductive. While activists tend to follow a similar playbook, there are bound to be areas of disagreement as their numbers swell. Pushing any further imperils the results of a fight already won.Salesforce on March 1 reported revenue of $8.4 billion for the three months ended Jan. 31, an increase of 14% from the same period the previous year, while reporting a $98 million net loss.
Salesforce also estimated that its adjusted operating profit margin would be 27% for the year ending Jan. 31, 2024, up nearly 5 percentage points from the one recently completed, as founder Marc Benioff said improving profitability was the company’s highest priority.
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