Summary
This Form 8-K filing by Salesforce.com, Inc. (CRM) on September 26, 2007, primarily reports the resignation of John Freeland from his position as President, Worldwide Operations. Mr. Freeland is leaving to assume the role of CEO at another large privately-held company, with his departure effective September 28, 2007. The filing details the terms of Mr. Freeland's separation agreement, which includes a payment of $67,500, subject to deductions and a period for him to accept or revoke the agreement. The agreement also encompasses a release of claims against the company and customary post-employment restrictions on proprietary information and activities. This event is significant for investors as it involves a key executive departure, and the terms of his exit may provide insight into the company's personnel and operational strategies.
Key Highlights
- 1John Freeland, President of Worldwide Operations, has resigned from Salesforce.com, Inc.
- 2Mr. Freeland's resignation is effective September 28, 2007.
- 3He is leaving to become CEO of a large privately-held company.
- 4A Confidential Separation Agreement and General Release of Claims has been entered into.
- 5Under the agreement, Mr. Freeland will receive $67,500 (less deductions).
- 6The agreement includes customary releases and post-employment restrictions.