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Salesforce Appoints New Board Directors as Activist Investors Clamor for Change

Salesforce Appoints New Board Directors as Activist Investors Clamor for Change

Salesforce is conducting a major overhaul of its board, announcing the appointment of three new independent directors in response to moves by activist investors who want greater control of the cloud-based software company. 

The new board appointments, effective March 1, 2023, include Arnold Donald, former president and chief executive officer of Carnival Corporation; Sachin Mehra, chief financial officer of Mastercard; and Mason Morfit, chief executive officer and chief investment officer of ValueAct Capital, an activist investor. 

It is unclear if these appointments were due to pressure from $55bn hedge fund Elliott Management, which has reportedly taken a multi-billion dollar stake in the company. 

Other activist investors taking a chunk of Salesforce include Starboard Value, which is run by Jeffery Smith, confirmed in October it had amassed a shareholding, ValueAct and Jeff Ubben’s Inclusive Capital. 

Sanford Robertson and Alan Hassenfeld have notified the company that they do not intend to stand for re-election at Salesforce’s 2023 Annual Meeting of Stockholders. 

The new appointments “demonstrates Salesforce’s commitment to ongoing refreshment in action,” said Robin Washington, lead independent director of the board.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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