A cybersecurity executive of Salesforce Inc. is set to leave the company, just days after the surprise resignation of Co-Chief Executive Officer Bret Taylor.
Executive Departures
Executive Vice President of Security Mark Carter will be departing Salesforce. According to Bloomberg's report, the company announced the news internally in late November, and has still not been publicly reported
Carter held several leadership roles before stepping up as the Security VP for Salesforce. Companies like Amazon.com Inc., Tesla, and Alphabet's Google were the tech giants that he was part of, as stated in his LinkedIn biography.
Aside from him, Salesforce has been experiencing a lot of multiple high-ranking departures in recent months. This includes the resignation of co-Chief Executive Officer Bret Taylor, which will take effect on January 31st, 2023.
His role as a CEO would come to an end after just one year of sharing duties with his co-CEO Mark Benioff, which will be leading the company alone after his departure. He described Taylor's departure as a "bittersweet" moment.
Reuters reported that Taylor served first as Salesforce's Chief Operating Officer and Chief Product Officer before becoming a co-CEO in November 2021. The appointment was considered the beginning of a long tenure as one of the head chiefs of the company.
Taylor said, "After a lot of reflection, I've decided to return to my entrepreneurial roots. Salesforce has never been more relevant to customers, and with its best-in-class management team and the company executing on all cylinders, now is the right time for me to step away."
One day after his announcement, Head of Tableau Unit Mark Nelson will also be departing, followed by Chief Strategy Officer Gavin Patterson.
Revenue Growth
The reported executive departures come with a very rough time for the company. Despite being the top provider of customer management software in the market, Salesforce has been struggling with slowing growth with the side of being pressured by investors to improve its profit. CNN Business reported that shares have fallen around 40% since the start of this year.
Salesforce reported its smallest year-over-year quarterly revenue increase since its company launch in 2003. The revenue for the quarter that ended last October 31st was $7.84 billion, slightly higher than analysts' average expectation of $7.82 billion. The company also earned $1.40 per share on an adjusted basis, compared to its estimated $1.21.
The company also predicts that the sales gain would be much lower than the current quarter ending, which will be reported in January 2023. This is a big step down from the company compared to last year's third-quarter earnings, with a revenue of $6.86 billion, an increase of 27% year-over-year, and 26% in constant currency. It was described as a phenomenal quarter just by looking at the revenue growth.
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