Activist hedge fund firm Elliot Management is planning to nominate a slate of director candidates at Salesforce after acquire multi-million dollar stake in the could-based software company, according to a report by EuroNews.
The report cites unnamed sources as revealing that Elliott, which invests more than $55 billion on behalf of clients, is currently interviewing a number of potential directors including technology industry executives and candidates from other industries.
News of Elliot’s plan to nominate directors comes after Bloomberg reported Salesforce had refreshed its board with the appointment of three new board directors, including ValueAct Capital CEO Mason Morfit, amidst pressure from activist investors for better cost control and a management shakeup.
At least four activist investors – Elliott, Starboard Value, Inclusive Capital and ValueAct – currently hold stakes in Salesforce.
