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Salesforce co-CEO Keith Block received a $ 211,703 car and a $ 86,423 watch, the company said in a proxy statement released on Thursday.
According to the filing, these were awarded to Block at some point in his 2019 fiscal year, "in recognition of Mr. Block's leadership achievements." Salesforce also spent $ 179,977 on car-related taxes and $ 38,005 on watch-related taxes, in the form of a one-time bonus.
The repository states that the Salesforce Compensation Committee reserves these rewards only in unique situations.
"In this case, the committee approved this award because it was convinced that recognizing Mr. Block's leadership and success in achieving the company's goals was warranted, and that doing so in a visible and memorable way would be a motivational failure. only for the executive, but also employees who observe outstanding performance are rewarded exceptionally, in accordance with the philosophy of the company to pay for performance, "says the record.
At this point, it is widely believed that Block accelerates Salesforce's rapid growth rate: in its 2014 fiscal year, when Block left Oracle and joined the group, the group achieved an annual business turnover of $ 4.1 billion. In its most recent full year ended January 2019, it had more than quadrupled to $ 13.28 billion.
Block was Salesforce's operations manager until last summer when co-founder Marc Benioff officially promoted him to the position of co-managing director. Although the filing does not say for sure, it seems likely that these gifts were made in the honor of Block's ascent to the highest level of management.
It is also unclear what type of car and watch Block has received. Possibilities include a Porsche Panamera Turbo S E-Hybrid Sport Turismo or a Land Rover Defender 90, whose price is about $ 211,000. Business Insider solicited Salesforce feedback.
In addition, Salesforce spent $ 1,230,424 on security measures for Salesforce co-CEO Marc Benioff at work or on business. This is remarkable because it represents a change from the year 2018, when the company did not spend anything on his personal safety.
"The compensation committee has limited the portion paid by the company's security program of Mr. Benioff to cover only the security services provided in commercial facilities and on business trips," says the document. However, Salesforce claims to have solicited "specific comments from our leading institutional investors" and decided to reinstate its company-paid personal security program after reviewing Benioff's "security profile."
"We view these security services as a necessary and appropriate business expense, but we have reported additional costs for the arrangements as they can be considered a personal benefit," according to the document.
Read more: Salesforce Top Salesforce Leaders Earn Salaries, Bonuses and Stocks
All this in addition to the base salary, bonuses and share awards of the two executives.
Block received a total of $ 16,961,156 in fiscal 2019, based on the deposit. This includes his base salary of $ 1,342,500, the total value of the car and his watch, $ 298,126, various stock awards and all his compensation, including taxes related to these two gifts.
His co-CEO, Benioff, earned $ 28,391,846 over the same period, including his base salary of $ 1,550,000, the cost of his security and all other stock awards and compensation.
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