The Clap
Marc Benioff, confounder of Salesforce (NYSE:CRM), warned that the company will be cutting more jobs in the coming period.
What
The company expects to lay off around 10% of its workforce, equivalent to around 7,000 employees, as tech companies fear a looming recession.
The biggest reason cited for the layoffs is a lack of productivity, with only around half of Salesforce account executives bringing in 95% of deals.
So What
During the pandemic, the company saw rapid growth and expansion, especially with the acquisitions of Slack and Tableau. Now, the company is faced with slower revenue growth and the surprise departure of co-CEO Bret Taylor.
Now What
Taylor is expected to leave his post at the end of Jan, leaving Benioff as the sole CEO for the time being.
