Salesforce Inc said on Monday activist investor Elliott Management Corp has decided to not proceed with director nominations to the board of the cloud-based software provider, due to its strong earnings and 2024 transformation initiatives.

"Salesforce and Elliott have committed to continue the productive working relationship they have developed together," a joint statement from the companies said.

Earlier this month, Reuters reported Elliott nominated a slate of directors to Salesforce's board.

Around the same time Salesforce gave an upbeat full-year profit forecast and doubled its share repurchase to $20 billion, placating activist investors pushing for changes amid slowing growth.

Elliott unveiled its multi-billion dollar stake in Salesforce January. Other hedge funds with stakes include Jeff Ubben's Inclusive Capital Partners, Jeff Smith's Starboard Value, ValueAct Capital and Third Point.

  - Reuters