According to CNBC, Salesforce has appointed Miguel Milano as operating chief under Chief Executive Marc Benioff. Milano, a former Oracle executive, rejoined Salesforce as chief revenue officer in 2023 after previously working at the company in Europe from 2011 to 2020 and then spending three years at Celonis as chief revenue officer. He made his first appearance on Salesforce earnings calls last year.

The promotion is part of a broader leadership reshuffle at Salesforce, which Benioff co-founded in 1999. The company previously experimented with co-chief executives, but Keith Block and Bret Taylor both left after sharing the top job with Benioff. Robin Washington, a board member who was made chief operating and financial officer last year, will keep that title as Milano takes the COO role.

Salesforce shares have fallen 27% this year, alongside a broader slide in software stocks as investors worry cloud software vendors could be displaced by artificial intelligence. The company has been pushing its Agentforce AI services, which automate tasks. Srini Tallapragada is leaving after 14 years, while Rohan Kumar, a longtime Microsoft executive who joined Salesforce in June, will become chief platform and engineering officer. Alexa Vignone, who has been chief sales officer since January, will take on the title of revenue chief. Salesforce said annualized revenue from Agentforce has exceeded $1 billion, and executives said in May that revenue growth had accelerated this year after coming in below 10% for six straight quarters.