Mar 27, 2023 - Economy

Elliott abandons director fight with Salesforce

Michael Flaherty

Photo illustration of Paul Singer and Marc Benioff. — Photo illustration: Shoshana Gordon/Axios. Photos: Stefan Wermuth/Bloomberg, Jonathan Moscrop/Getty Image

Elliott Management has withdrawn its director slate for Salesforce, the two companies announced Monday.

Why it matters: The pair won't square off at Salesforce's annual meeting, in what could have been the first major activist shareholder challenge to Salesforce co-founder and CEO Marc Benioff.

Details: The remarkably positive tone of today's announcement suggests that Benioff is no longer on Elliott's target list.

“I have great respect for Marc and his team, and I have become deeply impressed by their strong ongoing commitment to profitable growth," said Elliott Managing Partner Jesse Cohn.
"I have thoroughly enjoyed getting to know Jesse and the Elliott team over the last few months," Benioff added.

Of note: Salesforce announced bumper financial results on March 1, along with significant progress on costs. The announcement took pressure off the company and appears to have appeased Elliott and other activists.

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Elliott abandons director fight with Salesforce

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