Salesforce, Inc. (CRM): restructuring charge — Salesforce to cut ~10% of workforce, incur $1.4B-$2.1B restructuring charges

Salesforce, Inc.

Workforce reduction of ~10% with $1.0B-$1.4B in severance and benefits charges.
Real estate exits and office space reductions expected to incur $450M-$650M.
Total charges estimated at $1.4B-$2.1B; $1.2B-$1.7B in future cash expenditures.
US affected employees get minimum nearly 5 months pay, health insurance, career resources.
Employee restructuring substantially complete by end of FY2024; real estate by FY2026.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.95

Salesforce, Inc. announced a restructuring with charges of The Company estimates that it will incur approximately $1.4 billion to $2.1 billion in charges in connection with the Plan, of which approximately $800 million affecting select real estate exits and office space reductions within certain markets (a reduction of the Company's current workforce by approximately 10 percent).

Type: restructuring
Charge: The Company estimates that it will incur approximately $1.4 billion to $2.1 billion in charges in connection with the Plan, of which approximately $800 million
Affected area: select real estate exits and office space reductions within certain markets
Headcount: a reduction of the Company's current workforce by approximately 10 percent

Exact text from the filing

are subject to local law and consultation requirements in certain countries, as well as the Company’s business needs. The Company estimates that it will incur approximately $1.4 billion to $2.1 billion in charges in connection with the Plan, of which approximately $800 million to $1.0 billion is expected to be incurred in the fourth quarter of fiscal 2023. These

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Salesforce, Inc. filing history →

Source: SEC EDGAR

accession 0001108524-23-000003

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