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 (NYSE: 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.

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