Software maker Salesforce late Wednesday named a board member, Robin Washington, as its new chief financial officer. She will also assume the role of chief operating officer, with current COO Brian Millham to retire on May 1. Salesforce stock dipped amid the news.
Further, Washington assumes the combined role effective March 21. Current CFO Amy Weaver announced in August last year she would be leaving.
Washington has been a member of Salesforce's board of directors since 2013. She had been CFO of Gilead Sciences from 2008 to 2019.
Meanwhile, Millham has been with Salesforce for 25 years.
"We think Ms. Washington's hire brings highly seasoned CFO experience and reflects (Chief Executive Marc) Benioff's desire to appoint confidants by his side," said TD Cowen analyst Derrick Wood in a report.
"Mr. Millham's departure may have come as a surprise to some, but we think it coincides with a continued evolution in the leadership structure under a sole CEO regime."
Co-Chief Executive Bret Taylor left Salesforce in 2022.
Earnings for Salesforce stock are due Feb. 26.
"We believe Washington's over 11 years of involvement with Salesforce on its board (including as chair of the Audit and Finance Committee) will be helpful in transitioning to the COFO position, as she has a deep knowledge of the business," said Arjun Bhatia, a William Blair analyst in a report. "For an organization of Salesforce's size, combining the CFO and COO roles likely results in a lot of responsibility for one person but has the potential benefit of a streamlined leadership structure with more integration between finance and sales."
Salesforce sells software under a subscription model. Its software helps businesses organize and handle sales operations and customer relationships. The company has expanded into marketing, e-commerce and data analytics. It's making a big push into the life sciences market.
Salesforce Stock Technical Ratings
On the stock market today, Salesforce dipped 1.4% to 343. CRM stock is working on a 367.09 cup-with-handle buy point, with shares finding support at their 50-day line this week.
Also, Salesforce stock had climbed 4% in 2025 as of Wednesday's market close.
According to IBD Stock Checkup, CRM stock holds an IBD Composite Rating of 97 out of a best possible 99. IBD's Composite Rating combines five separate proprietary ratings into one easy-to-use rating. Also, the best growth stocks have a Composite Rating of 90 or better.
In addition, Salesforce stock has an Accumulation/Distribution Rating of B-plus. The rating analyzes price and volume changes in a stock over the past 13 weeks of trading. The rating, on an A+ to E scale, measures institutional buying and selling in a stock. A+ signifies heavy institutional buying; E means heavy selling. Think of the C grade as neutral.
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