- Salesforce reported strong results, a huge new share buyback plan, and concessions for activist investors.
- That wasn't enough for Elliott Management, one of the most feared activist hedge funds.
$4 remains in the icy embrace of the world's most feared activist investor.
$4 reported strong results on Wednesday, announced an extra $10 billion in share buybacks, and scrapped its M&A committee, signalling no more big, pricey acquisitions.
That wasn't enough for $4, one of the activist investors that has built a large stake in Salesforce and has been pushing for changes.
"Much work remains," Elliott $4 that was posted on Twitter Wednesday by $4 a partner at the firm. "Salesforce needs a sustainable leadership plan and a board that demonstrates it can provide accountability through proper oversight."
The comment about a leadership plan is likely referring to a $4 that erupted at Salesforce recently when several top executives left the company. $4, in particular, was seen as a successor to Benioff as CEO, but Taylor is now running a new startup instead.
Benioff, who is CEO, chairman and co-founder of Salesforce, will have to $4 to fully appease activist investors, Insider reported earlier on Wednesday.
Company insiders, former employees and Wall Street analysts increasingly expect $4 to put a succession plan in place soon. The likely goal is not to oust Benioff, but rather to develop a bench of executive talent who can take over from him in the future. One possible option would be a revitalized board that focuses on improving margins while also considering succession planning.
"The question is who would be next in line?" Mark Moerdler, a veteran tech analyst at Bernstein, told Insider earlier this week. "There's not a lot of people sitting on the bench."
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