December 2, 2022
Bret Taylor stepping down as co-CEO of Salesforce in a stunning announcement that appeared to come out of nowhere is making far more headlines than Salesforce’s 14% increase in third-quarter sales.
“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,” Taylor said in a statement announcing his resignation.
Despite exceeding analysts’ expectations, this statement did not allow revenue growth to thrive across headlines. Salesforce reported revenue growth of $7.8 billion for the quarter ending October 31, with subscription and support revenue increasing by 13% year on year to $7.2 billion, while professional services and other revenues increased by 25% to $604 million.
Despite the strong third-quarter performance, Salesforce’s share price fell more than 9% in Thursday morning trading, as much of the industry commentary focused on Taylor’s resignation.
The sources for this piece include an article in CIO.
