Activist investor Elliott Management Salesforce‘s board, a source told CNBC’s David Faber on Wednesday.
The nomination window closes on March 14, and it’s unclear whether there will be two or three candidates, Faber told “Squawk on the Street.” The slate likely includes Jesse Cohn, who runs an activist practice at Elliott, according to people familiar with the situation, but Faber said his position has not been confirmed.
Salesforce did not immediately respond to a request for comment.
Activists surround the cloud-based business software company. Elliott Management announced a multi-billion dollar investment in Salesforce in January, and the company said his ValueAct Capital CEO Mason Morfit will join its board of directors this month. Dan Loeb’s hedge fund, Third Point, also has a position in the company, he confirmed to CNBC in February.
Salesforce, which joined the Dow Jones Industrial Average in 2020, faces recent high-profile layoffs and slowing revenue growth, addressing criticism over high-multiplier acquisitions of companies like Slack and Tableau In November, Salesforce released lower-than-expected quarterly earnings guidance.
On January 4th, Salesforce announced plans to cut its headcount by 10%, saying it would cut some office space as part of its restructuring plan. The company also laid off less than 1,000 of her employees in November.
Salesforce’s stock will underperform in 2022, down nearly 48% compared to the S&P 500’s 19% decline. The stock is up about 24% so far this year.
The company is expected to report fourth-quarter earnings after the market close on Wednesday.
— CNBC’s Jordan Novet contributed to this report.