Keith Block steps down as co-CEO of

Keith Block, the CEO of Inc has stepped down from his office on Tuesday making Marc Benioff the sole CEO of the business software company. With the news reaching the market, shares of Salesforce fell by around 3% in extended trading.

Benioff, who founded the company in 1999, will continue as its chairman.

In 2019, Salesforce spent more than $16 billion in acquisitions and added muscles to its cloud computing products fending off competition from bigger rivals including SAP and Oracle Corp.

Salesforce forecast first-quarter revenue between $4.88 billion and $4.89 billion, compared with analysts’ estimates of $4.84 billion, according to IBES data from Refinitiv. reported a net loss of $248 million, for the quarter ended January 31, compared with a net income of $362 million a year earlier.

On an adjusted basis, the company earned 66 cents per share, beating estimates of 56 cents per share.

The company’s total revenue rose 34.6% to $4.85 billion, above estimates of $4.75 billion.

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