Bret Taylor steps down as Salesforce co-CEO, Marc Benioff stays as CEO

Marc Benioff, co-CEO of Inc., left, and Bret Taylor, co-CEO of Inc., during keynote speeches at the Dreamforce 2022 conference in San Francisco, California, on Tuesday, September 20, 2022.

Marlena Sloss | Bloomberg | beautiful pictures

Sales force said on Wednesday that Bret Taylor would step down as co-CEO on January 31, leaving Marc Benioff alone to head the cloud software company he co-founded in 1999.

Benioff has been very close to Taylor, who joined the company in 2016, when he sold his productivity software startup Quip to Salesforce. Taylor plays a key role in Salesforce’s $27.1 billion purchase of Slack, the company’s largest-ever transaction.

Before that, Taylor sold FriendFeed to her mother’s Facebook meta and helped create Google Map. Taylor played a key role in Salesforce’s efforts to get, get Slack for $27.1 billion, its biggest deal to date. Many viewers see Taylor as someone who could one day take over from Benioff as head of Salesforce.

Exactly one year ago, Salesforce promote Taylor from president and chief executive officer to co-CEO alongside Benioff. At the time, Benioff described Taylor as “an extraordinary leader in the industry who has contributed to the incredible success of our customers and driven innovation across our company.” I.”

Just two months ago, Benioff and Taylor spoke together on stage at Salesforce’s Dreamforce customer conference in San Francisco. The duo both wear rabbit ears, a reference to the rabbit mascot for the Genie Salesforce service being introduce at that time.

The announcement comes almost three years after Keith Block, a prophesy administer, administer, left side as co-CEO of the company. In February 2020, Keith Block left his position as co-CEO. Block served as the company’s chief executive officer before being promoted in 2018.

“I’m so grateful for six great years at Salesforce,” Taylor said in one statement. “Marc was my mentor long before I joined Salesforce and the opportunity to work with him to lead the most important software company in the world was a defining career opportunity. After deliberation So much so, I decided to go back to my business roots.Salesforce has never been more relevant to the customer, and with the best management team and the company performing across all sectors, Now is the right time for me to leave.”

It’s been a busy year for Taylor, as he’s president of Twitter gearing up for Elon Musk’s acquisition of the social networking company, a deal that was completed last month. In a September interview, Taylor said the deal “didn’t show up much” in meetings with Salesforce customers. Taylor hasn’t tweeted since October 26.

Benioff told CNBC he likes the idea of ​​having someone share the CEO role so they can have a “divide-and-conquer strategy” and so he can spend his time investing, philanthropy, and mentoring leaders. other business leaders.

Taylor earned $22.8 million in total compensation in fiscal year 2022, mostly from stock bonuses, according to the company’s latest proxy filing. That’s up from $13.9 million the year before. The filing says the average salary for a Salesforce employee over the past year was $181,612.

As of January 31, Taylor has about $80 million in uninvested shares. Much of it was from the limited stock he received when Salesforce bought Quip. The authorization filing said those restricted shares “are paid in equal quarterly installments through August 2023 subject to Mr Taylor’s continued employment with the Company”.

Also on Salesforce Wednesday disclosure third-quarter financial results were better than expected. But the company’s shares fell as much as 6% in after-hours trading following the two announcements.


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