The cloud computing firm said on Tuesday that Keith Block, Salesforce's vice chairman, president and COO, has been promoted to co-CEO -- a role that he'll split with Marc Benioff, Salesforce's existing CEO.
How will that work? In a press release, Salesforce said that Benioff, who also serves as chairman of the board, will head up the company's technology, marketing, culture and "stakeholder engagement," while Block will continue leading operations as well as strategy and execution.
"Keith has been my trusted partner in running Salesforce for the past five years, and I'm thrilled to welcome him as co-CEO," said Benioff in the release.
Block joined the company in 2013, and had earned a reputation as an ambitious sales executive at Oracle (ORCL - Get Report) , where he and Benioff met early on in their careers. Block is credited with spearheading a period of international growth at Salesforce, among other initiatives.
There can be no more deserving person for this job!!! Keith is heart and soul Salesforce!!! https://t.co/fMGculmY5k— Jim Cramer (@jimcramer) August 8, 2018
"[Block] has helped drive rapid growth through a relentless focus on customer success and industry specialization as well as expansion of the company's international presence and partner ecosystem," said a Salesforce spokesperson in an email.
Not many corporations have two CEOs splitting responsibilities, but interestingly, one of them is Salesforce's biggest rival, Oracle (ORCL - Get Report) . Mark Hurd and Safra Catz were named co-CEOs in 2014 by Oracle founder and chairman Larry Ellison.
Time will tell how well the arrangement works out for Salesforce. Its stock is up about 36% since the beginning of this year.