Salesforce Is Said Prepared to Tap Taylor to Succeed CEO Benioff

Enterprise-software giant Salesforce.com is preparing to name COO Bret Taylor to succeed CEO Marc Benioff, a media report says.
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Enterprise software giant Salesforce.com  (CRM) - Get Report is preparing Chief Operating Officer Bret Taylor to succeed Marc Benioff as chief executive, a media report says.

Company Founder Benioff was co-CEO along with Keith Block until Block left last year. 

If Taylor is indeed named CEO, Benioff may become executive chairman, given the complications of splitting the duties between CEOs, knowledgeable sources told Reuters.

They said Taylor wouldn’t be promoted immediately, though perhaps within several months. 

Salesforce is in an intense war for market share with Microsoft  (MSFT) - Get Report and Oracle  (ORCL) - Get Report.

Taylor worked at Alphabet  (GOOGL) - Get Report and Facebook  (FB) - Get Report before coming to Salesforce. He was co-creator of Google Maps, and as the Menlo Park, Calif., social-media giant's chief technology officer, he invented the “like” button, Reuters reports.

Salesforce stock recently traded at $213.05, up 2.6%, compared with a 4.2% gain for the Nasdaq and a 2.1% climb for the S&P 500. The shares have slipped 11% in the past month amid doubts about its growth prospects.

Still, on Monday, Goldman Sachs added Salesforce, Microsoft and Coupa Software  (COUP) - Get Report to its Conviction List. It has a price target of $315 for Salesforce.

"We continue to see Microsoft and Salesforce as well positioned to capitalize on digital transformation spending, which we believe will outpace overall IT budgets for the foreseeable future," Goldman Sachs analyst Kash Rangan wrote in a commentary.

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