Salesforce (NYSE:CRM) stock edged about 6% higher on Thursday following the news of a potential overhaul of the company’s board. The move was somewhat expected, as activist investor Elliott Management Corporation recently took a multibillion-dollar stake in the company.
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The cloud service provider is reportedly planning to add former CEO of Carnival (CCL) Arnold Donald and Mastercard’s (MA) CFO Sachin Mehra to its board of directors. On the other hand, Elliot is also in talks with several technology executives.
It is worth mentioning that the period for nominating board members ahead of Salesforce’s annual shareholder meeting is between February 12 and March 14.
What is the Future of Salesforce Stock?
Earlier this month, Salesforce disclosed plans to lay off about 10% of its employees due to the challenging macro environment and slowdown in business. The company’s efforts to control costs and improve margins bode well for future performance.
On TipRanks, CRM stock has a Moderate Buy consensus rating based on 26 Buys, ten Holds, and one Sell. Also, the average price forecast of $189.09 implies 14.5% upside potential from current levels.