Cloud-based software firm Salesforce Inc and activist investor Elliott Management Corp are in discussions to reach an agreement that may end a possible board challenge, according to two people familiar with the matter.
A logo of Salesforce is seen at its exhibition space, at the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition center in Paris, France June 16, 2022. REUTERS/Benoit Tessierand activist investor Elliott Management Corp are in discussions to reach an agreement that may end a possible board challenge, according to two people familiar with the matter.
The battle at Salesforce has pitted Elliott as well as other activist investors against Marc Benioff, one of Silicon Valley's most iconic chief executives. Salesforce's growth has slowed dramatically in recent quarters and last month the company said it would cut 10% of jobs to address its performance.
Activists, which also include Jeff Ubben's Inclusive Capital Partners and Jeff Smith's Starboard Value, have been pushing for Salesforce to increase growth and margins, buy back more shares, and raised concerns about recent acquisitions. Elliott, which unveiled its stake in January and has been engaging with the company for about a month, had searched for director candidates laying the groundwork for a potential challenge.
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