Mar 27, 2023 - Economy

Elliott abandons director fight with Salesforce

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Elliott Management has withdrawn its director slate for Salesforce, the two companies announced Monday.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