Business Context and Reporting Period
This Form 8-K filing by Salesforce, Inc. (salesforce.com, inc.) is dated February 1, 2009, with the report signed on February 5, 2009. The filing addresses Item 5.02 regarding the departure of a senior officer.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It is a current report focused solely on corporate governance and personnel changes.
Material Changes
Effective February 1, 2009, Mr. Steve Cakebread resigned from his positions as President and Chief Strategy Officer. Mr. Cakebread joined the company in May 2002, serving as Chief Financial Officer for six years before transitioning to his most recent role in 2008. The resignation is attributed to personal reasons and does not involve any controversy or disagreement with the Company.
Compensatory Arrangements and Contingencies
In connection with the resignation, a Confidential Separation Agreement and General Release of Claims was executed. Subject to Mr. Cakebread not revoking acceptance prior to February 9, 2009, the following compensation is provided:
- Severance payment: $200,000
- Full payment of the 2009 fiscal year annual bonus: $225,000
- Group health care coverage: March 1, 2009 through July 1, 2009
Mr. Cakebread has agreed to a customary release of any and all claims against the Company.
Investor Verification Checklist
- Confirm the effective date of Mr. Cakebread's resignation (February 1, 2009).
- Verify the total cash compensation package ($425,000) and the health coverage end date (July 1, 2009).
- Note the revocation deadline for the separation agreement (February 9, 2009).
- Confirm the stated reason for departure is personal and non-contentious.