By Denny Jacob

Salesforce.com Inc. shares rallied 5.6% to $164.90 in late trading Thursday after The Wall Street Journal reported that activist investor Elliott Management Corp. is preparing to nominate a slate of directors at the company.

Elliott is having conversations with numerous technology executives as well as those with other industry backgrounds, the Journal reported. Elliott's multibillion-dollar investment in Salesforce was first reported by the Journal.

The window for nominations ahead of Salesforce's annual shareholder meeting opens Feb. 12 and closes March 14, according to proxy materials.

The business-software provider has faced a turbulent stretch recently. The company earlier this month said it was laying off 10% of its workforce and reducing its office space in certain markets as customers take a more cautious approach to corporate spending.

Shares are down 22% over the last 12 months.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

January 26, 2023 16:13 ET (21:13 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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