Salesforce.com has said that its president and chief strategy officer, Steve Cakebread, resigned “to pursue other professional opportunities”, and disclosing that in a Securities & Exchange Commission filing on Thursday that he resigned on February 1.
Cakebread, who also served as chief financial officer for six years before moving to his current role in 2008, joined the company in May 2002. The SEC filing also says that Cakebread will get a severance payment of $250,000 along with his bonus of $255,000 for the fiscal year that ended on January 31.
The Wall Street Journal quotes that analysts are believing that at least two more executives from the company have left – the executive vice president of enterprise sales, and the senior vice president of enterprise sales for the Americas.
"While we like Salesforce.com because of its leadership position in on-demand software, these executive departures suggest to us that the Enterprise business in the U.S. may have struggled (in the fourth quarter)," analysts from JMP said in a note retrieved by WSJ.
It shares fell more than 6 percent following the departure, with S&P Equity Research pushed down its stock-investment rating from “buy” to hold.