Elliott Management Corp, the activist investment firm that recently made a multimillion-dollar investment in Salesforce , plans to nominate several director candidates at the cloud-based software company, people familiar with the matter said on Thursday.
News that Elliott expects to nominate directors, first reported by the Wall Street Journal, came after Bloomberg reported Salesforce was considering refreshing its board, a step some companies take preemptively if activists start building holdings of their shares.
At Salesforce there are at least four activist investors including Elliott, Starboard Value, Jeff Ubben's Inclusive Capital and ValueAct, the firm Ubben founded and which is now run by Mason Morfit, sources familiar with the matter said.Salesforce earlier this year announced plans to cut jobs by 10% and close some offices after rapid pandemic hiring left it with a bloated workforce.
Starboard, which has held talks with the company, has called for better cost control but praised new executives including co-CEO Bret Taylor, who is leaving at the end of the month when Benioff will become the sole CEO. Investors have also pushed Salesforce to increase profits, buy back more shares, and raised some concerns about recent acquisitions.
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