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February 11, 2009
Xactly Corp., a provider of on-demand sales performance management, announced the appointment of Steve Cakebread as chief financial and administrative officer. Cakebread, who was most recently the president and chief strategy officer at Salesforce.com after serving as the company’s chief financial officer for six years, left Salesforce last week for what reports dubbed “personal reasons.” In his role at Xactly, Cakebread will be responsible for financial operations, legal, IT, facilities and human resources.
“Steve Cakebread was in at the start of the global software-as-a-service revolution and understands all of the dynamics of a successful SaaS business. He possesses a one-of-a-kind track record of financial-management success in today’s software industry,” said Christopher Cabrera, president and CEO of Xactly. “As a world-class CFO, Steve understands the significant value of automating incentive sales compensation, and will be a tremendous resource in helping customers recognize and maximize the value of their sales performance management investments. We look forward to working with Steve in advancing Xactly’s market-leading position in on-demand sales performance management.”
During his tenure as Salesforce.com’s CFO, Cakebread helped grow the company from approximately $22 million in annual revenue during fiscal year 2002 to approximately $749 million in fiscal year 2008, explained Xactly. He also led the company through its initial public offering in 2004.
“Sales performance management is a large and growing opportunity in SaaS, and Xactly is the de facto standard with the industry’s leading on-demand product suite, significant market traction and an enviable record of customer satisfaction,” said Cakebread. “As a CFO, I am keenly aware of the value of pay-for-performance strategies that directly impact the top and bottom line.”
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