Ryan Young for Business InsiderBusiness InsiderMarc Benioff even wrote about his decision to promote Block to co-CEO in his recently released book "Trailblazer," saying he needed a partner who reported to the board and not to him.And one indication of the unequal power can be seen in the pay between the two executives: While Block received a handsome increase in pay when he was promoted to co-CEO, he was still making less than Benioff in total compensation.
Marc Benioff talks about that decision in his book "Trailblazer." The story he tells goes like this: During a vacation with his family in the Pacific Isles — he owns a compound in Hawaii, which is why he and Salesforce use so many Hawaiian terms — Benioff had a revelation. He was feeling overtaxed. In truth, as COO, Block was already helping to run the company. But the idea, Benioff explained, was that Block would be reporting to the board "and no longer to me."
For the 2019 fiscal year, Benioff was paid a bigger cash salary . This means Benioff's potential cash bonuses, up to 200% of their salaries, were bigger, too. Benioff was also granted more stock including options and performance-based restriction stock . Shareholders in the past were not particularly thrilled with the high pay granted to the corner office. In 2015, after some shareholders bristled at Benioff's $39.9 million pay package, the company froze his base cash salary to 2016 levels and reduced some of his fresh stock tranches to trim his overall annualOn top of that, Salesforce recently also promoted Bret Taylor to the second-in-command job of chief operating officer, filling a vacancy left by Block's acension to co-CEO.
Block's main duty throughout his tenure at Salesforce was building the sales team. If he was no longer going to do that, what, exactly, was his signature contribution? Taylor runs global product strategy, engineering, security, marketing and communicationsCofounder Harris runs product-development engineering, working hand-in-hand with Benioff, too.
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Source: BusinessInsider - 🏆 729. / 51 Read more »
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