Salesforce CEO Marc Benioff gave executives lavish gifts including a $90,000 Cartier watch and an Aston Martin car
- Salesforce CEO Marc Benioff gave executives lavish gifts including Cartier watches.
- Its marketing chief was given an Aston Martin, while another executive got an electric BMW.
Marc Benioff pulls out all the stops when it comes to buying gifts for some executives.
Insider revealed last week that the Salesforce CEO has generously given some watches costing five figures and cars costing well into six figures.
Company insiders say Salesforce extravagantly purchased an Aston Martin for its chief marketing officer, Sarah Franklin, as well as an electric BMW for the chairman of its advisory board, Alex Dayon.
The company also bought its cofounder, Parker Harris, a car worth $271,439 in 2017, regulatory filings show. Former co-CEO Keith Block was given a $211,703 automobile and $86,423 watch in 2019.
Salesforce's culture of lavish spending goes as far back as 2015 at least when it paid $40,564 for a watch for Block, who was COO at the time. It was given to him "in recognition of his success leading the sales organization in the first quarter of fiscal year 2016," the SEC filing said.
Benioff is known for handing out $10,000 Cartier watches at Salesforce executive meetings.
Not all employees are given opulent gifts or perks, however. The company cut annual bonuses by 30% last month despite reporting "record" adjusted operating margins of 22.5% in its most recent financial year.
In its most recent financial year to January 2023, Benioff was given a compensation package worth $30 million, an SEC filing showed. That was $1.4 million more than he received in the previous 12 months.
Benioff's package was revealed in the same month that Salesforce cut about 10% of its workforce, or close to 8,000 employees, to focus on profitability.
"We're moving aggressively across all four fronts of our transformation plan — short-term and long-term restructuring of the company; improving productivity and performance; prioritizing our core innovations; and building a deeper and even stronger relationship with our stockholders," Benioff said in a letter to shareholders dated April 27.
Salesforce didn't immediately respond to a request for comment from Insider, made outside normal working hours.
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