Stewart Butterfield, the CEO of messaging service Slack, is leaving the company and that has Salesforce (NYSE:CRM) stock falling on Tuesday.
This matters for CRM stock, as the cloud company acquired Slack for $27 billion back in July 2021. Taking over for Butterfield is Lidiane Jones, a Salesforce vice president that joined the company in 2019.
It’s not just CEO Butterfield leaving Slack. Tamar Yehoshua, the company’s product chief, as well as Jonathan Prince, senior vice president of marketing, brand, and communications, are also departing.
Investors will also note Bret Taylor, co-CEO of Salesforce, is also leaving the company. He announced his departure just a few days ago after only serving in the role for roughly one year.
Executive Departures Harm CRM Stock
With so many leaders at Salesforce departing in recent days, it’s no wonder CRM stock is falling. Investor confidence is being continually damaged by news of top talent at the company leaving it behind.
With this comes strong trading of CRM stock as some 5.5 million shares change hands. That’s quickly approaching its daily average trading volume of about 7.9 million shares.
CRM stock is down 1% as of Tuesday morning and also experienced a fall on Monday. Overall, the stock is down 48% year-to-date.
Investors seeking out more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Tuesday! Among that is what has shares of PepsiCo (NASDAQ:PEP) and Bed Bath & Beyond (NASDAQ:BBBY) stock in the news, as well as this morning’s biggest pre-market stock movers. You can get up to speed on that news at the links below!
More Tuesday Stock Market News
- PepsiCo Layoffs 2022: What to Know About the Latest PEP Job Cuts
- Why Is Bed Bath & Beyond (BBBY) Stock Down Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.