Signage on a Salesforce office building on Tuesday, February 23, 2021 in San Francisco, California, US.
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Jeff Ubben’s Inclusive Capital has taken the lead in sales forceAccording to sources, CNBC david faber Reported on Monday.
It’s unclear what his presence will mean for the cloud-based software company.
Salesforce has also attracted the interest of activist investor Elliott Management, which has invested billions of dollars The Wall Street Journal reported late Sunday. In October, Starboard Value announced an undisclosed stake in Salesforce, saying the company was suffering from a valuation discount due to a “subpar mix of growth and profitability”.
Salesforce is in the midst of restructuring amid slowing growth and recession fears. Earlier this year, the firm said it planned 10% cut in jobs, Or 700 employees, and close some offices.
Salesforce said it expects its employee restructuring to be completed by the end of fiscal 2024 and the real estate restructuring by fiscal 2026.
The company had expanded rapidly during the pandemic and cloud adoption skyrocketed years ago. It also completed big acquisitions like Slack and Tableau.
The company’s share price has climbed 14% this year, but has declined more than 30% in the past year.