Salesforce Promotes Bret Taylor as Co-CEO With Marc Benioff

Salesforce Promotes Bret Taylor as Co-CEO With Marc Benioff
© Bloomberg Salesforce Promotes Bret Taylor as Co-CEO With Marc Benioff

(Bloomberg) — Salesforce.com Inc. named Chief Operating Officer Bret Taylor as co-chief executive officer with co-founder and Chairman Marc Benioff, formalizing a structure that had been taking shape over the past year.

Most Read from Bloomberg

  • China Cash Flowed Through Congo Bank to Former President’s Cronies
  • ‘Pension Poachers’ Are Targeting America’s Elderly Veterans
  • Reliving the New York Subway Map Debate

Benioff will continue as board chairman of Salesforce, which is the top maker of cloud customer-relations software and one of the world’s 35 biggest companies by market value. Taylor was also named vice chair just a day after he was appointed Twitter Inc.’s independent board chairman.

“Bret is a phenomenal industry leader who has been instrumental in creating incredible success for our customers and driving innovation throughout our company,” Benioff said Tuesday in a statement. “He has been my trusted friend for years, and I couldn’t be happier to welcome him as co-CEO.” 

Salesforce Promotes Bret Taylor as Co-CEO With Marc Benioff
Download our mobile app

Taylor, 41, had been seen as the most likely successor to Benioff since co-CEO Keith Block left the company in February 2020. Taylor had been promoted to president and COO in December 2019 and in light of Block’s departure took on more of the company’s day-to-day operations. For example, the head of the Tableau division, Mark Nelson, reports to Taylor. Adam Selipsky, who led that unit before leaving to run Amazon.com Inc.’s cloud unit, had reported to Benioff. Under the previous co-CEO system, Benioff had focused on strategic planning and had more time for his political and philanthropic initiatives.

“It has been well telegraphed and planned,” said Pat Walravens, an analyst at JMP Securities. “No. 2, it is Marc Benioff’s company and I wouldn’t expect him to fade away anytime soon. That’s important because he’s had really good product instincts for almost 20 years now.”

Read more: Salesforce sinks after forecast disappoints

Taylor is a veteran tech executive. He co-created Google Maps in 2005 and later served as Facebook Inc.’s chief technology officer for three years, leaving in 2012 to co-found Quip, a productivity software company. Salesforce bought Quip in 2016. Taylor has been a board member at Twitter since 2016.

Benioff credited Taylor with doing the ground work on the $27.7 billion deal to acquire Slack Technologies Inc., including discussions with Slack CEO Stewart Butterfield, and pitching him on the merits of what became Salesforce’s largest acquisition.

“What’s very exciting is this vision that Stewart and Bret have put together,” Benioff said in a conference call last December announcing the deal. “It’s a wow.”

Taylor, who has a deep engineering background, is more soft-spoken and viewed as a counterbalance to Benioff’s bold personality. He’s credited as the mastermind behind Salesforce’s biggest product developments of the past few years. Outside of the Slack merger, he played a central role in crafting the company’s “Customer 360” strategy, one that aimed to unify different Salesforce products to give enterprises a more complete view of individual customers. He was also key in the development of Hyperforce, which lets users run Salesforce programs on the top public clouds.

More broadly, Taylor’s rise to co-CEO, along with the board additions of former United Airlines Holdings Inc. CEO Oscar Munoz and Williams-Sonoma Inc. CEO Laura Alber, “solidifies the star-studded management team” at Salesforce and removes lingering questions over Benioff’s future at the company, said Alex Zukin, an analyst at Wolfe Research.

“It’s a big deal,” Zukin said.

Taylor’s annual salary will rise to $1.4 million from $1 million with an annual target bonus of 200% of his base salary determined by company and individual performance objectives, according to a regulatory filing. The company also intends to grant him $3 million of performance stock units and options to purchase $2 million in shares, subject to approval by the board’s compensation committee, Salesforce said in the filing.

Separately, Salesforce gave revenue and profit forecasts for the current period that fell short of estimates, sending shares down about 6% in extended trading.

(Updates with comments from analysts, details on compensation beginning in the fifth paragraph.)

Most Read from Bloomberg Businessweek

  • Medical Debt Is Crushing Black Americans, and Hospitals Aren’t Helping
  • Wildfires Are Getting Worse, and One Chemical Company Is Reaping the Benefits

©2021 Bloomberg L.P.

News Related

OTHER NEWS

Pacific island of Kiribati goes into lockdown after staying Covid free as first flight for months brings virus

THE Pacific island of Kiribati has gone into lockdown after staying Covid-free when it welcomed the first international flight in months that brought the virus in. The remote island went ... Read more »

Inside Dancing On Ice's Bez's time in prison as he once rioted because there wasn't enough trifle

CROCKED Dancing On Ice star Bez has revealed he once rioted in prison because there wasn’t enough trifle. The former Happy Mondays icon – real name Mark Berry – was ... Read more »

IPL 2022: Sam Curran says he is not entering mega auction for THIS reason

© Provided by Zee News England all-rounder Sam Curran, who opted out from the mega auction ahead of the upcoming Indian Premier League (IPL) 2022, said that he will be ... Read more »

Here's why experts say the crypto market will be just fine despite a possible Russian ban on everything from mining to trading

© Alexander Ryumin\TASS via Getty Images A server room of the BitRiver data center, one of the largest Russian cryptocurrency mining companies. Alexander Ryumin\TASS via Getty Images When the central ... Read more »

Virginia woman charged for threatening to bring guns to school over mask mandate

A Virginia woman was charged Friday with making an oral threat on school property when she said at a school board meeting that she would show up with loaded guns ... Read more »

What is the Whole 30 diet? Here's what you can eat on the month-long plan

© Provided by Woman&Home Woman holding bag of groceries The Whole 30 diet is one of the most restrictive eating regimes around—but some swear by its ability to give the ... Read more »

Latest COVID numbers as restrictions lifted across Ireland

It will be the last thing on many people’s mind this weekend but the Department of Health has released the latest COVID numbers. As people across the country plan a ... Read more »

Everton fans blasted a 'disgrace' after Aston Villa players hit by bottles after Emi Buendia goal

Everton fans threw plastic bottles at Aston Villa’s players as they celebrated Emi Buendia’s goal at Goodison Park. Buendia gave the visitors the lead when he headed in a corner. ... Read more »

Jamieson maintains 1-stroke lead after 3 rounds in Abu Dhabi

ABU DHABI, United Arab Emirates (AP) — Scott Jamieson stayed on course for a wire-to-wire win at the Abu Dhabi Championship by making birdie at the last hole to retain ... Read more »

BREAKING: EC extends ban on rallies and roadshows till January 31 in poll-bound states

© Provided by DNA The Election Commission of India has extended the ban on rallies and roadshows till January 31 in the five poll-bound states. The five states that go ... Read more »

Deloitte funded group that wants to keep homeless on subways

Simon Martial said he fatally shoved Go “because of God.” J.C.Rice The corporate employer of tragic subway shoving victim Michelle Go, who was allegedly killed by an unhinged vagrant, helped ... Read more »

No quarantine for asymptomatic medics if exposed to Covid, Dubai Health Authority says

© Provided by The National A member of staff collects samples at the Covid-19 drive-through centre at NMC Hospital in Dubai Investments Park. Photo: Chris Whiteoak / The National Healthcare ... Read more »

Parents and pupils queue for PCR tests as Abu Dhabi schools prepare to reopen

© Provided by The National Children attend Biogenix Labs in Masdar City for their swab tests. Schools in Abu Dhabi are set to open for face-to-face lessons on Monday. Victor ... Read more »

How to watch Tennessee vs. LSU: TV channel, NCAAB live stream info, start time

© Provided by CBS Sports Mar 20, 2019; Salt Lake City, UT, USA; General overall view of a basketball approaching the rim and net before the first round of the ... Read more »

DU Recruitment 2022: Apply for 449 Associate Professor posts, details here

© Provided by Zee News New Delhi: Delhi University (DU) has invited applications to hire Associate Professors. Interested candidates can apply through the official DU website at du.ac.in.  The deadline ... Read more »

Rudy Giuliani and Michael Flynn to see honorary university degrees revoked

© Provided by The Guardian Photograph: Evan Vucci/AP The University of Rhode Island will revoke honorary degrees given to Rudy Giuliani and Michael Flynn, key allies of Donald Trump in ... Read more »

Security tightened along border with Pakistan ahead of Republic Day

© Provided by The Statesman Security tightened along border with Pakistan ahead of Republic Day Two terrorists of Lashkar-e-Taiba (LeT) were killed on Saturday in an encounter with security forces ... Read more »

Experts highlight PM Modi's integrated approach to security in anthology of essays

© Provided by Hindustan Times Experts say the country’s approach to national security under Prime Minister Narendra Modi has seen pre-emptive, proactive and graded responses. (HT) India is no bull ... Read more »

100 per cent Covid vaccination in 15-18 age group achieved in 4 districts of J&K

© Provided by The Statesman 100 per cent Covid vaccination in 15-18 age group achieved in 4 districts of J&K Four of the twenty districts of Jammu and Kashmir have ... Read more »

Rassismus! Europa Park muss beliebte Attraktion umbauen

© Imago / Petra Schneider Rassismus im Europapark Der Europa-Park sieht sich mit Rassismus-Vorwürfen konfrontiert – und reagiert sofort. Eine beliebte Attraktion wird bereits umgebaut. Die Details. Wer schon einmal ... Read more »

How Big Tech elites are helping China achieve global supremacy

Peter Schweizer’s new book claims that tech giants like Zuckerberg are helping China become the world’s global superpower. AP It’s no secret that China wants to surpass the United States ... Read more »

France's Constitutional Council approves controversial vaccine pass with conditions

France's Constitutional Council on Friday approved – with conditions – the country's new COVID-19 vaccine pass, which will require people aged 16 and above to show proof of vaccination to ... Read more »

Ethiopia army planning to 'eliminate' Tigrayan forces -military official

ADDIS ABABA (Reuters) – Ethiopia’s military is planning to enter the Tigray regional capital of Mekelle and “eliminate” rebellious forces, a top military official said late on Friday amid diplomatic ... Read more »

Covid-19 vaccine given in hot tub as people urged to come forward for jab

A hot tub is the latest unusual location for a Covid-19 vaccine as NHS teams strive to increase uptake of the jab. Coronavirus vaccines have already been given out at ... Read more »

Brooke Blurton rubbishes claims she has 'connections' to return to WA

Brooke Blurton has slammed fans who claimed she could use ‘connections’ to return to Western Australia and bypass hotel quarantine.  On Friday, the Bachelorette star posted a photo from her ... Read more »

Bigg Boss 15 PROMO: Tejasswi Prakash & Abhijit Bichukale target Shamita Shetty for depending on Nishant Bhat

© Provided by Pinkvilla In the upcoming weekend episode of the reality show Bigg Boss 15, the contestants will be seen engaged in tasks. The contestants will be asked to ... Read more »

Bigg Boss 15 ex-contestant Umar Riaz looks dapper in casuals as he gets papped in the city; PHOTOS

Umar Riaz has been in the limelight for past few months as he was one of the contestants of Bigg Boss 15. He was highly appreciated in the game for ... Read more »

Aruvi director Arun Prabu Purushothaman gets hitched in an intimate ceremony

© Provided by Pinkvilla Arun Prabu Purushothaman recently tied the knot in an intimate ceremony. The photograph of the newlywed couple is doing rounds on social media and netizens are ... Read more »

Republic Day 2022: Ace the Tricolour Makeup Look With These Simple Tips

© Provided by News18 Republic Day 2022: Ace the Tricolour Makeup Look With These Simple Tips Makeup lovers try to look for occasions to free the artist in them. As ... Read more »

India vs Uganda, Live Score, ICC U19 World Cup 2022: Harnoor departs as Kidega breaks opening stand

© Provided by Firstpost India vs Uganda, Live Score, ICC U19 World Cup 2022: Harnoor departs as Kidega breaks opening stand 19:09 (IST) OUT! Caught by Brian Asaba at first slip ... Read more »

Emma Roberts And Garrett Hedlund Split After Three Years Of Dating

© Provided by Lehren Emma Roberts And Garrett Hedlund Split After Three Years Of Dating Emma Roberts and Garrett Hedlund have reportedly parted their ways after nearly three years of ... Read more »

BTS: Desi ARMY spots Kim Taehyung's iconic KITH pullover on a delivery person; says, 'Bhaiya apna shirt mujhe dedo please'

© Provided by BollywoodLife.com BTS fans are sharp and observant. From the outfits of the septet to the interiors of their homes, ARMY does not miss anything. Even Indian Bangtan ... Read more »

Slammed 2020 Chevy Silverado 3500 HD Is Far From A Work Truck

© Motor1.com Slammed 2020 Chevy Silverado 3500 HD Is Far From A Work Truck This isn’t your normal Chevy truck. If you’re here to see a Chevy Silverado 3500 HD ... Read more »

Star Trek fans in tears as new footage shows long-awaited return of Whoopi Goldberg

© Paramount Whoopi Goldberg in ‘Picard‘ – Paramount Star Trek fans have celebrated the return of Whoopi Goldberg in the new trailer for season two of Picard. The series, which ... Read more »

Trending Entertainment News Today: Priyanka Chopra-Nick Jonas' baby gets a warm welcome from B-Town, Salman Khan's new song Main Chala released and more

© Provided by BollywoodLife.com Priyanka Chopra and Nick Jonas’ baby has received a warm welcome from Bollywood celebs, Salman Khan today released his new song titled Main Chala, and a ... Read more »

Shehnaaz Gill twirls to Maula Mere Maula. Fans say nazar na lage

Shehnaaz Gill is a ray of sunshine in her latest Instagram reel. Shehnaaz Gill shared pictures and a video from her latest shoot on Instagram. Dressed in a yellow lehenga, ... Read more »

Lawyer in Amazon wrongful death lawsuit alleges Illinois warehouse was not secured to the ground properly when killer tornado hit

© Clifford Law Offices Alice McEwen, mother of Austin McEwen (left) who died in the Amazon warehouse collapse Clifford Law Offices The family of Austin McEwan, who died in an ... Read more »

'I am one of his biggest fans' - Klopp backs Liverpool youngster to progress

© Alamy Stock Photo Liverpool’s Curtis Jones during the Carabao Cup semi-final. LIVERPOOL MANAGER Jurgen Klopp admits midfielder Curtis Jones occasionally needs a “push” but he has been delighted by ... Read more »

Tennis-Barty braces for Anisimova test at Australian Open

© Reuters/MORGAN SETTE FILE PHOTO: Australian Open MELBOURNE (Reuters) – World number one Ash Barty will have to overcome the formidable Amanda Anisimova to keep alive her hopes of becoming ... Read more »

Donald Trump denies there is a Republican feud between him and Gov. Ron DeSantis, calling it 'fake news'

© Joe Raedle/Getty Images President Donald Trump and Florida Governor Ron DeSantis in Sunrise, Fla., on November 26, 2019. Joe Raedle/Getty Images Former President Donald Trump rejected claims that he ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic