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Salesforce Buyers Reject CEO Marc Benioff’s $39.6M Pay


As Tesla shareholders approve CEO Elon Musk’s historic $56 billion compensation, shareholders at Salesforce have a distinct stance on CEO Marc Benioff’s $39.6 million pay.

A Monday U.S. Securities and Trade Fee submitting detailed the result of Salesforce’s annual assembly on Thursday. Extra stakeholders, over 404 million, voted towards the pay packages of Salesforce’s management. About 339 million voted in favor of the pay.

The vote is non-binding, which means that Salesforce does not have to vary something based mostly on the result. The corporate “will take into account the result” of the vote in future government compensation plans, in keeping with its proxy assertion for the 2024 fiscal yr.

Associated: This Firm Caps CEO Pay Relying on How A lot Its Lowest-Paid Worker Makes

The identical assertion disclosed that Benioff made $39.6 million whole within the 2024 fiscal yr, which was almost $10 million greater than the earlier yr. His base wage was $1.55 million; inventory awards, bonuses, and different awards contributed to the majority of his compensation.

He made 240 occasions greater than the $164,985 wage of Salesforce’s median worker, per the assertion.

Salesforce CEO Marc Benioff. Photographer: Chris Ratcliffe/Bloomberg through Getty Pictures

In keeping with a June examine from the Related Press, the median CEO final yr was round $1.3 million. The midpoint pay package deal for CEOs, factoring in wage, bonuses, and inventory awards, was $16.3 million.

Associated: These CEOs Have the Greatest Pay Packages within the U.S., In keeping with a New Report

Benioff’s pay this yr notably included safety prices he beforehand coated.

“Traditionally, the Firm paid varied prices referring to surveillance, monitoring, and safety companies together with at Mr. Benioff’s residences, and Mr. Benioff coated sure bills referring to safety personnel and set up and upkeep of safety gear,” the assertion reads.

Nonetheless, Salesforce’s compensation committee determined that “the non-public safety prices” Benioff beforehand paid had been “acceptable to be borne by the Firm” starting fiscal yr 2024.

Associated: Mark Zuckerberg Solely Made $1 in Wage in 2023— However Earned Over $24 Million in ‘Different Compensation’

Salesforce’s government compensation had overwhelming help (82%) in 2023, in keeping with the proxy assertion. So what modified this yr?

In keeping with CNBC, two influential advisory firms, Glass Lewis and Institutional Shareholder Companies, advisable that shareholders vote towards the compensation this yr.

Glass Lewis wrote there was a “lack of a completely convincing rationale” for Salesforce giving Benioff sure inventory grants.

Associated: Salesforce CEO Marc Benioff Donates $150M to Hawaii

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