Salesforce Co-CEO Bret Taylor Leaving Next Year | CRN

November 30, 2022, 04:47 PM EST

“I am grateful for six fantastic years at Salesforce,” Salesforce co-CEO Bret Taylor said in a statement.

Salesforce co-CEO Bret Taylor will step down on Jan. 31, leaving co-founder Marc Benioff as sole CEO, the enterprise apps provider said in a statement Wednesday.

Taylor spent about a year in the co-CEO role, earning a promotion to president and chief operating officer in November. San Francisco-based Salesforce — best known for its customer relationship management (CRM) offerings — also released its third-quarter results for fiscal 2023 on Wednesday, covering the quarter that ended Oct. 31.

CRN has contacted Salesforce for comment.

[RELATED: Salesforce Promotes President And COO Taylor To Co-CEO With Marc Benioff]

Departure of Salesforce co-CEO Bret Taylor

“I am grateful for six fantastic years at Salesforce,” Taylor said in a statement. “Marc was my mentor long before I joined Salesforce, and the opportunity to partner with him to lead the world’s largest software company is career-changing.”

Taylor continues, “After careful consideration, I have decided to return to my entrepreneurial roots. Salesforce has never been more relevant to customers, and with its top-notch leadership team and the company working on all cylinders, now is a good time for me to step aside.

In a statement, Benioff called Taylor’s departure “bittersweet.”

“It’s bittersweet that Bret has decided to step down as co-CEO,” Benioff said. “He left his mark on Salesforce as an incredible technologist, leader, and friend to all of us. Bret has founded two incredible companies, so it’s understandable that he wants to go back to his entrepreneurial roots. I’m excited to see his next chapter unfold because I’ll always be his biggest champion and he’ll always be part of Salesforce “Ohana.” Ohana is the Hawaiian word for extended family.

Taylor joined Salesforce in 2016 with the acquisition of Quip for $750 million. He previously worked at Facebook for about three years, which he left in 2012 with the title of chief technology officer. He had been chairman of Twitter’s board until Elon Musk took over the social media company last month and then dissolved the board, according to CNN.

In fiscal 2022, Taylor received total compensation of $22.8 million, 125 times that of the median employee. He received about $1 million in base salary for the year, or about 14 times the base salary of the median Salesforce employee.

Salesforce’s earnings report will receive a lot of attention following cuts to revenue forecasts from business leaders and depicting a measured buying environment for customers amid fears of a US recession. United.

In a third-quarter earnings statement, Salesforce reported revenue of $7.84 billion, up 19% year-over-year excluding currency. The company has $20.9 billion in performance bonds remaining, up 15% year-over-year.

The company expects fourth-quarter revenue of $7.932 billion to $8.032 billion, up 12 to 13 percent year-over-year. Full-year 2023 revenue forecast is $30.9 billion to $31 billion, up 20% year-over-year.

Cash flow from operations was $310 million, down 23% year-over-year. Free cash flow was $120 million, down 52% year over year.

Salesforce executives will deliver remarks on earnings at 2 p.m. Pacific today.

Shares of Salesforce were trading at $149.75 after hours, down about 6% from the market close.