Salesforce Adds Directors as Potential Proxy Fight Looms

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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