Salesforce has promoted Miguel Milano to the role of Chief Operating Officer, a position that aims to bolster the company's leadership structure under CEO Marc Benioff. Milano, who has a history with Salesforce and previously served as chief revenue officer at Celonis, rejoined Salesforce in 2023.
This promotion is part of a broader strategy to enhance leadership after previous experiments with co-CEO structures did not yield lasting results. The company has faced a 27% drop in its stock price this year, reflecting broader concerns in the software industry regarding the potential impact of artificial intelligence on cloud software vendors.
Despite these challenges, Salesforce has reported a resurgence in revenue growth, particularly from its Agentforce AI services, which have surpassed $1 billion in annualized revenue. However, the stock continued to decline, dropping an additional 4% in after-hours trading following the announcement.
Additionally, Srini Tallapragada, a long-time executive, is leaving the company, while Rohan Kumar, a former Microsoft executive, will take on a new role overseeing engineering. This reshuffling of leadership comes at a critical time as Salesforce seeks to navigate a competitive landscape and regain investor confidence