Salesforce CEO Marc Benioff breaks down the company's quarterly earnings report and weighs in on Keith Block's departure as co-CEO in a "Mad Money" interview with Jim Cramer. Salesforce stock initially sank 3% in extended trading on Tuesday after the company said co-CEO Keith Block is stepping down. Marc Benioff, the other co-CEO, becomes sole CEO. The company also announced fiscal fourth-quarter results that beat expectations, along with an acquisition.
Block joined Salesforce from Oracle as president and vice chairman in 2013, he was promoted to operating chief in 2016, and he became Salesforce’s co-CEO alongside Benioff in August 2018. He will stay on as an adviser for a year, Salesforce said in a statement.
“It’s been my greatest honor to lead the team with Marc that has more than quadrupled Salesforce from $4 billion of revenue when I joined in 2013 to over $17 billion last year,” Block was quoted as saying in the statement. ”... After a fantastic run I am ready for my next chapter and will stay close to the company as an advisor. Being side-by-side with Marc has been amazing and I’m forever grateful for our friendship and proud of the trajectory the company is on.”
Benioff told CNBC in a profile published in early 2019 that he elevated Block to co-CEO to enable a “divide and conquer strategy” and to give Benioff time to do the things he enjoys. For example, after promoting Block to co-CEO in August 2018, Benioff took two weeks to focus on Proposition C, a legislative effort to generate tax revenue to help San Francisco’s homeless problem.
Block, for his part, said in 2018 that the title change was more about formalizing the dynamic of the relationship the two men had developed over the years.
“Our time together has been amazing,” Benioff said on a conference call with analysts on Tuesday. “I am his biggest supporter. I am his close friend. I am here to help him on his journey and as he begins this new journey, we are all with you, Keith, and we’re all very excited for you.”
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