Salesforce cutting 10% of its staff; CEO says it hired too many during pandemic
Salesforce Inc. plans to cut about 10% of its staff as part of a restructuring plan, the software company said Wednesday.
Salesforce CRM, +1.65% joins a host of other tech companies that have admitted in recent months that they grew too quickly for the current environment. Salesforce expects that it will take $1.4 billion to $2.1 billion in charges related to the plan, $800 million to $1 billion of which is expected to be incurred during the fourth quarter of fiscal 2023, which is ongoing. The bulk of the total expected charges relate to employee transition, severance, employee benefits, or stock-based compensation.
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