Salesforce shareholders reject compensation plan for CEO Marc Benioff, top execs

- Salesforce investors voted against company’s compensation plan for executives - CEO Marc Benioff received $39.6 million in total pay for 2024 fiscal year - Shareholder advisory groups raised concerns about equity awards granted to Benioff - Two advisory firms recommended investors vote against resolution to approve compensation - Benioff received additional stock and option awards along with salary - Board compensated Benioff with $20 million long-term equity award in January - Glass Lewis said equity grants to Benioff may raise concern due to his existing stake in Salesforce - Vote from annual meeting is nonbinding - Salesforce shares up 67% in 2024 fiscal year - Company saw increase in net income and revenue in fiscal year - Salesforce shares down 2.6% year to date - Salesforce shareholders rejected the compensation plan for CEO Marc Benioff and other top executives - Two shareholder advisory firms, Glass Lewis and Institutional Shareholder Services, recommended voting down the measure - Benioff received $39.6 million in total pay for the fiscal year, with additional stock and option awards - Glass Lewis expressed concerns about substantial discretionary equity grants to Benioff in January - Benioff was already a large holder of Salesforce stock, holding over 2% valued at close to $6 billion - The vote from the annual meeting is nonbinding - Salesforce shares rose 67% in the 2024 fiscal year - In January 2023, Salesforce announced layoffs and plans to pay dividends to shareholders - Salesforce shares are down 2.6% year to date