Elliott Statement on Salesforce

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Mar 01, 2023, 19:16 ET

WEST PALM BEACH, Fla., March 1, 2023 /PRNewswire/ -- Elliott Investment Management L.P. (together with its affiliates, "Elliott") today released the following statement on behalf of Managing Partner Jesse Cohn and Senior Portfolio Manager Jason Genrich regarding Salesforce, Inc. (NYSE: CRM) (the "Company" or "Salesforce"):

Elliott has been in close, substantive dialogue with Salesforce leading up to today's earnings statement. Salesforce's set of announcements today represents progress towards regaining investor trust. The acceleration of margin targets, commitment to responsible capital-return priorities, creation of a business transformation committee and disbanding of the M&A committee are necessary steps forward. These steps are consistent with our recommendations, and we believe they will help restore value at Salesforce.

The strength of Salesforce's business and its movement in the right direction are key reasons we are among the company's top investors, but much work remains: Salesforce needs a sustainable leadership plan and a board that demonstrates it can provide accountability through proper oversight. To fully earn back the confidence and support of investors, Salesforce leadership must now deliver on its promises. Elliott intends to continue working with Salesforce as we evaluate the level of engagement necessary to achieve the best outcome for the company.

About Elliott

Elliott Investment Management L.P. manages more than $55 billion of assets. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.

Media Contact:

Casey Friedman
Elliott Investment Management L.P.
(212) 478-1780
[email protected]

SOURCE Elliott Investment Management L.P.