Proxy Fight Likely As Elliott Gets Ready To Nominate Directors At Salesforce After Its Investment

Activist investor Elliott Management Corp looked to nominate a slate of directors at Salesforce, Inc CRM, signaling a fight for board seats at the firm.
Elliott discussed with numerous technology executives and those with other industry backgrounds, the Wall Street Journal reports.
Elliott just made a multibillion-dollar investment in Salesforce. Elliott managing partner Jesse Cohn said he looked forward to "working constructively" with a company he had followed for nearly two decades.
Elliott has been in talks with Salesforce regarding the nomination.
Salesforce reportedly considered director candidates of its own.
Salesforce slashed 10% of its workforce and reduced its office space in specific markets as customers became cautious about spending following the pandemic recovery and macro headwinds.
Salesforce co-CEO Bret Taylor will likely vacate his position on January 31.
The decline in the shares has helped draw a hive of activists to the company, including Starboard Value LP, Jeff Ubben's Inclusive Capital, and ValueAct Capital Partners LP.
Salesforce's election of directors via universal proxy rules implies investors can now pick and choose who they want to see on a board.
Elliott is known for taking on tech companies and forcing changes, including sales and executive shake-ups.
Price Action: CRM shares traded lower by 0.25% at $165.68 in the premarket on the last check Friday.