Salesforce Considers Adding New Board Members as Activists Circle
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Salesforce Considers Adding New Board Members as Activists Circle
(Bloomberg) -- Salesforce Inc. is discussing the potential appointment of new board members amid pressure from activist investors, people with knowledge of the matter said.
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The enterprise software company is in talks to bring on Arnold Donald, the former chief executive officer of Carnival Corp., and Mastercard Inc. Chief Financial Officer Sachin Mehra as independent directors, according to the people. It’s also discussing the possibility of giving a board seat to ValueAct Capital Management CEO Mason Morfit, the people said, asking not to be identified because the information is private.
Salesforce had been working on refreshing its board for several months, one of the people said. Deliberations are ongoing, and there’s no certainty that Salesforce will reach an agreement on the board appointments.
ValueAct, run by Morfit, has won board seats on big companies, including financial technology giant Fiserv Inc. A representative for Salesforce declined to comment, while a spokesperson for ValueAct didn’t immediately respond to a request for comment.
Elliott Investment Management has taken a multibillion-dollar stake in the enterprise software company, which has been rocked by a deep stock swoon and executive turnover. Salesforce earlier this month said it would cut 10% of its workforce, about 8,000 jobs. In October, Starboard Value also took a stake in the San Francisco-based company. Jeff Ubben’s Inclusive Capital also is a shareholder, CNBC reported.
Elliott is talking with technology executives and those from other industries as it prepares to nominate a slate of directors, according to a person familiar with the matter. The nomination window opens Feb. 12. The Wall Street Journal earlier reported on Elliott’s plan to propose board candidates.
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