Salesforce, the enterprise tech company, announced Wednesday that Bret Taylor, its vice chair and co-CEO of the company’s executive team, will be stepping down. Marc Benioff (a Salesforce co-founder) will continue to run the company and serve as the board chair. He had previously been Taylor’s co-CEO.
Taylor worked for Salesforce (CRM), most recently as president, and COO, and then was promoted to co-CEO in November last year. On January 31, 2023, he will be officially retiring from his position. Benioff called Taylor’s decision not to continue in his position “bittersweet”
Taylor stated that he had reflected on the decision to go back to his entrepreneurial roots. “Salesforce is more relevant than ever to customers. With its top-in-class management team, and the company’s ability to execute on every cylinder, it’s the right time to leave.”
Taylor was the founder and leader of Quip, a collaboration platform that Salesforce purchased for $ 750 million in 2016. During the company’s IPO, Taylor was also the chief technology officer of Facebook.
Taylor’s decision comes at a difficult time for Salesforce. Shares have dropped around 40% in the last year due to the economic downturn. This announcement was made in conjunction with Salesforce’s third-quarter earnings reports, where the company stated that it expects fourth-quarter revenue to be at the low end of analysts’ expectations.
After the announcements of leadership changes and earnings, Salesforce stock plunged more than 6%
Taylor had an active year beyond Salesforce. He was the former chairman of Twitter’s board and was responsible for leading the company through Elon Musk’s turbulent takeover deal. Musk closed his $44 billion deal to purchase the company last month, and promptly dissolved the board.