Salesforce Adds Directors as Potential Proxy Fight Looms
January 27 2023 - 09:51AM
Dow Jones News
By Dean Seal
Salesforce Inc. has appointed three new directors, including the
financial chief of Mastercard Inc., to its board as a potential
proxy fight with activist investor Elliott Management Corp.
looms.
The business-software maker said Friday morning that Mastercard
CFO Sachin Mehra, ValueAct Capital Chief Executive Mason Morfit and
Arnold Donald, the former president and chief executive of Carnival
Corp., have been named independent directors, effective March
1.
The additions follow a report from The Wall Street Journal on
Thursday that Elliott, which has taken a multibillion-dollar
investment in Salesforce, is preparing to nominate its own slate of
directors for the company.
The activist investor has been in talks with numerous executives
in the tech industry and beyond, signaling that a proxy battle
could be in the offing, though Elliott could still reach an
agreement with the company before that happens, according to people
familiar with the matter.
Salesforce also said Friday that directors Sanford Robertson and
Alan Hassenfeld do not intend to stand for re-election at
Salesforce's upcoming annual shareholder meeting.
The window for director nominations ahead of the shareholder
meeting opens Feb. 12 and closes March 14.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
January 27, 2023 09:36 ET (14:36 GMT)
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