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CFO Exits Salesforce.com

By Beth Cox     Feedback

UPDATE: The chief executive of the online CRM company says (hint, hint) that a replacement is being sought who has IPO experience.

Chief Financial Officer Andrew Hyde has quietly departed online CRM company Salesforce.com Inc., the second top exec to leave the privately held, San Francisco-based ASP operation in five months.

John Dillon, the firm's president and CEO of two years and the former head of Hyperion Solutions, departed last November. Company co-founder and chairman Marc Benioff took over the CEO duties.

But Benioff told InternetNews.com today that "only good things are happening at the company," which is expected to triple its revenues in 2002 for the third year in a row.

As far as Hyde's departure is concerned, he said: "We have parted ways, and we have hired (a search firm) to acquire a new CFO for us who has experience running a public company and is familiar with the IPO process." Hyde was named to the post in January 2000.

Hyde told InternetNews.com that he is bound by the terms of his settlement agreement with the company and therefore could not comment on the reasons behind his departure.

Benioff would not comment directly on when an IPO might be on tap, but he did say that the company's metrics are coming into line. He said Salesforce.com "will do about $10 million for this quarter, and our third birthday was March 8." He said the company projects revenues of $50 million to $60 million for 2002.

As for Dillon's departure, Benioff said at the time that "every company goes though transitions and the company is moving into its next stage of growth right now. We made the decision together that John was going to transition out of his job."

The company, founded in 1999 by Benioff and chief technology officer Dave Moellenhoff, is a provider of Web-based saleforce automation and customer relationship management software and has been seen as an aggressive upstart in its battle against established competitors such as Siebel Systems Inc. < QUOTE NASDAQ:SEBL> and Onyx Software Corp. .

Salesforce.com says it has 3,800 client companies worldwide, including Adobe Systems, Daiwa Bank, USA Today, Autodesk and Dow Jones Newswires, among others.

This article was originally published on March 27, 2002
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