Why did Salesforce shares drop by 8% Thursday? The boss is leaving the building.
Salesforce (NYSE:CRM) shares trimmed their losses, Thursday, but still finished the day down by more than 8% as Wall Street didn't like what the company said about its outlook, or the changes in its executive suite.
On Wednesday, Salesforce (CRM) said co-Chief Executive Bret Taylor would leave the company at the end of January. The move was seen as a surprise, as Taylor, who had been with Salesforce (CRM) for six years, had only been sharing CEO duties with Marc Benioff since November 2021.
When Taylor's officially leaves Salesforce (CRM), Benioff will become the company's sole CEO.
Along with Taylor's departure, investors weren't too impressed with Salesforce's (CRM) fourth-quarter outlook in which the company forecast earnings above analysts' expectations, but gave a revenue estimate that potentially falls below Wall Street's predictions.
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