Salesforce co-CEO Keith Block steps down

Salesforce.com has revealed that Keith Block has stepped down as co-chief executive officer, making Marc Benioff the sole CEO of the business software company.
Salesforce co-CEOs Keith Block and Marc BenioffKeith Block was widely seen as a potential successor to Marc Benioff, who founded the company in 1999, and will continue as the chairman.

Salesforce has spent more than $16 billion last year for acquisitions, adding muscle to its cloud products as it fends off competition from bigger rivals like US-based Oracle and German competitor SAP.

Salesforce has more than quadrupled its revenue from $4 billion of revenue in 2013 to over $17 billion last year.

Salesforce also announced the appointment of Gavin Patterson, former BT chief executive, its president and CEO of Salesforce International.

Gavin Patterson, who last September became the company’s chair of Europe, the Middle East and Africa (EMEA), now oversees Salesforce’s largest international markets outside of the U.S.

The business software company’s total revenue rose 34.6 percent to $4.85 billion for the quarter ended Jan. 31.

The company reported a net loss of $248 million, or 28 cents per share, for the quarter ended Jan. 31, compared with a net income of $362 million, or 46 cents per share, a year earlier.

Salesforce forecast first-quarter revenue between $4.88 billion and $4.89 billion.

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