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Salesforce Shares Drop By Over 8% After Bret Taylor Departure News

Salesforce Co-CEO Bret Taylor rocked the tech world with news of his departure from the company by the end of January 2023, sending its shares toppling by more than 8%.

The news came hours after the CRM software company announced its earnings. According to a CNBC Tech report, Salesforce had beat analysts expectations in revenue and shares. The report shows that its total revenue increased by 14% year-over-year.

Taylor leaving the company will leave its founder Marc Benioff as the sole CEO. “We have to let him be free, let him go, and I understand, but I don’t like it. And Bret, you know that you’re always going to be our brother. We love you deeply, you have a home here, we’re gonna try to get you back somehow. Don’t think you’re gonna somehow get out of this alive because you’re not,” he had said on an earnings call. In an interview, he called the situation a gut punch.

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It had announced expecting a less impressive revenue in its final quarter of the year, with a projection of between $7.9 billion to $8.03 billion. Meanwhile, analysts were expecting it to make a revenue of $8.02 billion.

Bret Taylor had being the company’s president and chief operating officer before he took the role of co-CEO in November 2021. He had joined Salesforce in 2016 after it acquired his startup, Quip, which was a business-focused is a collaborative productivity software suite for mobile and the Web. Also, he was part of Twitter’s board before Elon Musk took the social media company private.

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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.