Salesforce says Bret Taylor to step down as co-CEO

(Reuters) -Salesforce Inc said on Wednesday that Bret Taylor would step down as co-chief executive officer in January and that co-founder Marc Benioff will become the CEO.

The news sent the company’s shares down 5% in extended trading as investors shrugged off the annual profit raise.

“After a lot of reflection, I’ve decided to return to my entrepreneurial roots,” said Taylor, who has previously served as chief operating officer and chief product officer of Salesforce.

The San Francisco-based company expects annual adjusted profit per share between $4.92 and $4.94, compared with $4.71 to $4.73 forecast earlier.

A diverse portfolio of products including its Customer 360 platform and the newly acquired workplace messaging app Slack have helped Salesforce attract customers at a time when digital transformation is becoming a priority, even as businesses are bracing for a broader economic downturn.

Revenue for the quarter ended Oct. 31 was $7.84 billion, compared with analysts’ average expectation of $7.82 billion, according to Refinitiv IBES data.

The business software maker expects current-quarter revenue to be between $7.93 billion and $8.03 billion.

On an adjusted basis, the company earned $1.40 per share during the third quarter, compared with estimates of $1.21.

(Reporting by Tiyashi Datta in Bengaluru; Editing by Krishna Chandra Eluri and Sriraj Kalluvila)

Read More: Salesforce says Bret Taylor to step down as co-CEO

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