Salesforce shareholders reject compensation plan for CEO, other top executives
8:12 pm Monday, July 01st, 2024
(Reuters) – A majority of Salesforce 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.
For the 2024 financial year, Benioff received $39.6 million in total compensation, up from $29.9 million in the prior year.
In 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)
