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Key Takeaways
- Salesforce shares surged Thursday as the maker of customer relationship management software held its annual shareholder meeting.
- Investors approved executive pay, including Marc Benioff’s compensation, and reelected the board of directors.
- Shareholders also approved an extension of the employee equity incentive plan and changes about some officers’ liability exculpation.
- No shareholder proposals passed.
Salesforce (CRM)Â shares surged Thursday as the maker of customer relationship management software held its annual shareholder meeting, with investors voting to approve executive pay and more.
Shares closed 4% higher at $252.85 Thursday, though despite the day’s gains, they’ve lost close to 4% of their value since the start of the year.
CEO Marc Benioff’s Pay Approved and Board Reelected
Investors voted in favor of all proposals made by the company, including the reelection of the board of directors.
Shareholders approved Salesforce’s executive compensation plan, which has CEO Marc Benioff earning $39.65 million in total compensation for fiscal 2024, a more than 32% jump from his pay in the 2023 fiscal year.
Incentive Plan Extension and Liability Amendment Pass
Salesforce stockholders also voted to restate an amended equity incentive plan for employees that increases the number of shares reserved for issuance by 36 million shares and extends the plan term.
Investors approved an amendment to update liability exculpation for some officers in accordance with recent changes in law in Delaware, where Salesforce is incorporated.
None of the proposals made by shareholders, including those from the National Legal and Policy Center, a conservative non-profit, and investor John Chevedden, passed, according to preliminary results announced during the meeting.