Salesforce.com (CRM) - Get Report, the customer relationship management software titan, Wednesday announced that Gavin Patterson was being promoted to president and chief revenue officer from his prior position as president and CEO of Salesforce International.
In his new position, he will lead the company’s global sales organization.
"Gavin's global experience, network, and public company CEO experience uniquely position him for this critical leadership position at Salesforce," the company’s CEO Marc Benioff said in a statement.
Patterson was CEO of BT Group, formerly British Telecom, from 2013 to 2019.
Morningstar analyst Dan Romanoff identified Salesforce as a buying opportunity early in the stock market’s coronavirus-inspired downturn - March 9.
“We now see an opportunity for investors to trade up into several high-quality [software] stocks and urge investors not to throw in the towel,” he wrote then. And Salesforce was one of the picks.
“We believe Salesforce.com represents one of best long-term growth stories in software,” Romanoff said. “After introducing the software-as-a-service model to the world, Salesforce.com has assembled a front-office empire that it can build on for years to come.”
Salesforce should “benefit further from natural cross-selling among its clouds, upselling more robust features within product lines, pricing actions, international growth, and continued acquisitions,” he said.
“The tight integration among the [company’s] solutions and the natural fit they have with one another makes for a powerful value proposition.”
Salesforce shares recently traded at $169.69, down 4.42%. The stock has slid 10% in the last three months, compared to a 16% drop for the S&P 500.