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Salesforce shareholders reject compensation plan for CEO, other top executives

Reuters
·1-min read

(Reuters) - A majority of Salesforce (CRM) shareholders voted against a compensation plan for its CEO Marc Benioff and other top executives, according to a security filing on Monday.

The resolution to approve the compensation received 339.3 million votes in favor versus 404.8 million against, the filing said.

Chairman and CEO of Salesforce Marc R. Benioff attends the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, January 18, 2024. REUTERS/Denis Balibouse
Chairman and CEO of Salesforce Marc R. Benioff. REUTERS/Denis Balibouse (REUTERS / Reuters)

For the 2024 financial year, Benioff received $39.6 million in total compensation, up from $29.9 million in the prior year.

On May 29, the company forecast second-quarter profit and revenue below Wall Street estimates due to weak client spending on its cloud and enterprise business products, which sent its shares down more than 16% after the bell.

Advisory firms Glass Lewis and Institutional Shareholder Services (ISS) both recommended that investors vote down the measure, according to a CNBC report.

Glass Lewis and ISS did not immediately respond to Reuters' requests for comment.

(Reporting by Harshita Mary Varghese and Urvi Dugar in Bengaluru; Editing by Alan Barona)