(Bloomberg) -- Salesforce Inc. averted a potential proxy fight with activist investor Elliott Investment Management after its stock rose and the enterprise software company made a series of strategic changes.Most Read from BloombergBinance and Its CEO Sued by CFTC Over US Regulatory ViolationsSaudi National Bank Chair Resigns After Credit Suisse RemarkSchwab’s $7 Trillion Empire Built on Low Rates Is Showing CracksFirst Citizens to Buy SVB After Biggest Failure Since 2008Elliott won’t proceed wi
Elliott Management has scrapped plans to nominate directors to the board of Salesforce after the software group delivered a better than expected earnings report in March and promised to focus on profits. In a joint statement released on Monday, Elliott said it would not nominate rival directors to the Salesforce board at its upcoming annual meeting since it had put a “clear focus on value creation”. Jesse Cohn, managing partner of Elliott, said he was “deeply impressed” by Salesforce’s “commitment to profitable growth, responsible capital return and an ambitious shareholder value creation plan”.
SAN FRANCISCO, March 27, 2023--Salesforce and Elliott Issue Joint Statement