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Salesforce co-CEO Keith Block steps down, ceding control to Marc Benioff

Julia La Roche
Correspondent

Salesforce (CRM) co-CEO Keith Block stepped down on Tuesday, relinquishing complete control of the tech giant to founder Marc Benioff and becoming the latest figure to depart through the C-Suite’s revolving door.

Block, who took on the co-CEO role in August 2018, will remain in an advisory role, the company said in a statement that coincided with Salesforce’s quarterly earnings report.

The last year has been characterized by an exodus of top executives, with departures across major companies like Boeing, Nike and Google, among others. On Tuesday alone, Disney (DIS) and MasterCard (MA) also surprised investors by announcing their high-profile leaders were departing.

"It's been my greatest honor to lead the team with Marc that has more than quadrupled Salesforce from $4 billion of revenue when I joined in 2013 to over $17 billion last year," Block said in a statement.

NORTH READING, MA - OCTOBER 17: Salesforce.com Vice Chairman, President and COO Keith Block is photographed in North Reading, mass., on Oct. 17, 2016. (Photo by Joanne Rathe/The Boston Globe via Getty Images)

"After a fantastic run I am ready for my next chapter and will stay close to the company as an advisor. Being side-by-side with Marc has been amazing and I'm forever grateful for our friendship and proud of the trajectory the company is on,” Block said.

Benioff praised Block’s performance, and said he was “delighted that he will be staying on as an advisor to me. Keith's strategic thinking and operational excellence have deeply strengthened our company, and our close friendship endures.”

Block joined Salesforce in June 2013 and held roles including president and COO.

Salesforce reported adjusted earnings per share of 66 cents, outpacing Wall Street forecasts of 56 cents. Revenue for the fourth quarter came in at $4.85 billion, beating estimates of $4.75 billion.

The company boosted its revenue forecasts for 2021 to $21-$21.1 billion, up from the previous $20.8-$20.9 billion.

Julia La Roche is a Correspondent at Yahoo FinanceFollow her on Twitter.

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