Activist investor Elliott Management said it no longer plans to nominate directors to Salesforce’s board.
The announcement came as both sides prepared for a proxy fight at Saleforce’s upcoming shareholder meeting.
Elliott decided to forgo the board nominations following Saleforce’s better-than-expected financial results.
- Elliott’s managing partner Jesse Cohn said he was impressed with Saleforce’s commitment to profitable growth, responsible capital return, and an ambitious shareholder value creation plan.
- Salesforce had announced several changes in recent weeks, including cutting costs, increasing share buybacks, and disbanding a mergers-and-acquisition committee at the company.
- Salesforce shares closed at $191.26 on Monday, up 0.63%.
- The company is up ~42% YTD.
