Under the agreement, Constellation Brands will appoint two independent directors. Luca Zaramella, Chief Financial Officer for Mondelez CFO, and Bill Giles, former CFO for AutoZone, will join the company’s Board of Directors, which will now grow from 11 to 13 members.

As part of the settlement, Constellation Brands agreed to share confidential information with Elliot, while Elliott agreed to “certain standstill, voting, confidentiality, and other commitments.”

Elliott, who is one of the company’s top 10 stakeholders, has reportedly been in private talks with the company for the past several months before the settlement was made.

“We appreciate the perspective provided by our counterparts at Elliott, who have provided valuable input as we continue to take steps to enhance value to the company’s shareholders and other stakeholders,” said Constellation Brands in a press release confirming the agreement with Elliott.

The announcement sent Constellation Brands shares surging, with the company’s stock jumping 5.35% on Wednesday. It is up 17.72% year-to-date.

The post Constellation Brands Settles With Activist Investor Elliott, Appoints Two Independent Directors appeared first on theprimarymarket.com.

Elliott revealed a multi-billion investment in Salesforce earlier this year and was recently campaigning for significant changes at the company alongside other activist investors. As part of those efforts, the investment management firm wanted to nominate its own candidates for the board.

However, Salesforce’s recent Q4 earnings report showed that the company bounced back from the challenging 2022. This included $7.33 billion in revenue, marking a 26 percent year-over-year increase. Its subscription and support revenues were 25 percent up year-over-year, landing at $6.83 billion.

Salesforce also initiated various other changes that made Elliott optimistic about the future, including “cost-cutting, boosting share buybacks, and disbanding a mergers-and-acquisition committee.”

“I have great respect for Marc [Salesforce co-founder and CEO Marc Benioff] and his team, and I have become deeply impressed by their strong ongoing commitment to profitable growth, responsible capital return, and an ambitious shareholder value creation plan,” said Elliott managing partner Jesse Cohn in a statement.

Salesforce shares have been 41 percent up year-to-date. The stock has been hovering at around $190 per share on Monday morning.

The post Activist Investor Elliott Management Won’t Pursue Changes on Salesforce’s Board appeared first on theprimarymarket.com.

Under the agreement, Constellation Brands will appoint two independent directors. Luca Zaramella, Chief Financial Officer for Mondelez CFO, and Bill Giles, former CFO for AutoZone, will join the company’s Board of Directors, which will now grow from 11 to 13 members.

As part of the settlement, Constellation Brands agreed to share confidential information with Elliot, while Elliott agreed to “certain standstill, voting, confidentiality, and other commitments.”

Elliott, who is one of the company’s top 10 stakeholders, has reportedly been in private talks with the company for the past several months before the settlement was made.

“We appreciate the perspective provided by our counterparts at Elliott, who have provided valuable input as we continue to take steps to enhance value to the company’s shareholders and other stakeholders,” said Constellation Brands in a press release confirming the agreement with Elliott.

The announcement sent Constellation Brands shares surging, with the company’s stock jumping 5.35% on Wednesday. It is up 17.72% year-to-date.

The post Constellation Brands Settles With Activist Investor Elliott, Appoints Two Independent Directors appeared first on theprimarymarket.com.

Elliott revealed a multi-billion investment in Salesforce earlier this year and was recently campaigning for significant changes at the company alongside other activist investors. As part of those efforts, the investment management firm wanted to nominate its own candidates for the board.

However, Salesforce’s recent Q4 earnings report showed that the company bounced back from the challenging 2022. This included $7.33 billion in revenue, marking a 26 percent year-over-year increase. Its subscription and support revenues were 25 percent up year-over-year, landing at $6.83 billion.

Salesforce also initiated various other changes that made Elliott optimistic about the future, including “cost-cutting, boosting share buybacks, and disbanding a mergers-and-acquisition committee.”

“I have great respect for Marc [Salesforce co-founder and CEO Marc Benioff] and his team, and I have become deeply impressed by their strong ongoing commitment to profitable growth, responsible capital return, and an ambitious shareholder value creation plan,” said Elliott managing partner Jesse Cohn in a statement.

Salesforce shares have been 41 percent up year-to-date. The stock has been hovering at around $190 per share on Monday morning.

The post Activist Investor Elliott Management Won’t Pursue Changes on Salesforce’s Board appeared first on theprimarymarket.com.