Salesforce Averts Elliott Proxy Fight After Share Gains (4)

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.

Elliott won’t proceed with its planned director nominations following Salesforce’s “strong” 2023 fiscal year report, transformation initiatives and “clear focus on value reaction,” the companies said in a joint statement on Monday.

Salesforce Chief Executive Officer Marc Benioff has been grappling with a growing number of activist hedge funds agitating for higher profits. Revenue growth has slowed after a half-decade of steady hiring and large acquisitions, and the San Francisco-based company has ...