As well as shaking up its top leadership, Salesforce said it's paying $1.33 billion for Vlocity, a provider of cloud and mobile software.
Salesforce stock fell about 3% before rebounding slightly on Tuesday as the software company announced a shake-up in its top leadership. Its co-CEO, Keith Block, is leaving, which means Marc Benioff, the other co-CEO and Salesforce’s founder and chairman, will be the sole leader of the business going forward. Salesforce also announced fourth-quarter earnings that exceeded market expectations and the $1.33 billion purchase of Vlocity, a provider of cloud and mobile software to companies.
Block, who joined Salesforce from Oracle in 2013, was promoted to operating chief three years later and became co-CEO alongside Benioff in August 2018. The two appeared to be a good fit, with Block’s expertise in driving growth and operational excellence complementing Benioff’s focus on innovation and overall strategy. Now Benioff will once again be riding solo at the helm.
“It’s been my greatest honor to lead the team with Marc that has more than quadrupled Salesforce from $4 billion of revenue when I joined in 2013 to over $17 billion last year,” said Block inreleased by Salesforce. “Being side-by-side with Marc has been amazing and I’m forever grateful for our friendship and proud of the trajectory the company is on.” In a conference call with analysts, Benioff lauded his former co-leader, saying their time together had been “amazing”.
Block’s elevation allowed Benioff to focus more of his time on his philanthropic and political interests, which have included funding medical centers and lobbying for legislation to help the homeless in San Francisco. His departure is likely to mean Benioff will find it harder to juggle those activities with his responsibilities as a CEO.
and big cloud companies such as Amazon and Google are constantly broadening their own offerings. One strategic response has been to buy businesses to add capabilities: Over the past couple of years, Salesforce has made a couple of huge purchases, paying $15.7 billion for data-visualization company Tableau and $6.5 billion for Mulesoft, which makes software that integrates data and applications.
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