By Sarah E. Needleman
Salesforce.com Inc. said its co-chief executive Keith Block is stepping down from his role, leaving co-founder Marc Benioff solely in charge of the business-software provider.
Mr. Block joined Salesforce in 2013, and the company's revenue more than quadrupled over his tenure to more than $17 billion in the year ended Jan. 31. "After a fantastic run I am ready for my next chapter and will stay close to the company as an advisor," he said in a statement.
The executive change came as Salesforce reported swinging to a net loss of $248 million for the quarter that ended Jan. 31, compared with a profit of $548 million a year earlier. Excluding items such as stock-based compensation, Salesforce posted a profit of 66 cents a share, compared with a profit of 70 cents a share a year earlier.
Sales in the quarter increased 35% to $4.85 billion, compared with the $4.76 billion that analysts surveyed by FactSet had expected.
(Updates to come)