Slack CEO Stewart Butterfield Sends Salesforce (CRM) Stock Plunging

  • Salesforce (CRM) stock is falling on the departure of Slack CEO Stewart Butterfield.
  • Butterfield joined Salesforce with its acquisition of Slack last year.
  • Leaving alongside Butterfield are two other Slack executives.
Slack CEO. Close up of Salesforce (CRM Stock) logo displayed on one of their towers in downtown San Francisco

Source: Sundry Photography / Shutterstock.com

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!

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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.


Article printed from InvestorPlace Media, https://investorplace.com/2022/12/slack-ceo-stewart-butterfield-sends-salesforce-crm-stock-plunging/.

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