"Carl Eschenbach has stepped down as Workday CEO and been replaced by co-founder and executive Aneel Bhusri following a round of job cuts and share price volatility. In a statement [PDF] to investors, the company said Eschenbach is set to get an aggregate lump sum cash payment of $3.6 million, including cash severance benefits. Workday provides enterprise HR and finance software as a service. Like many SaaS vendors, its value has been hard hit over the last week as investors consider the impact of AI on the market."
"Last week, the company said it was laying off about 2 percent of its staff in a bid to align its people with its "highest priorities," hitting margins for the quarter and the year. In a prepared statement, Mark Hawkins, Workday vice chair and lead independent director, said Eschenbach had stepped in at "a pivotal time" and helped Workday "mature into a more global, disciplined organization.""
Carl Eschenbach stepped down as Workday CEO and was replaced by co-founder Aneel Bhusri. Eschenbach will receive a lump-sum cash payment of $3.6 million including severance. Workday provides enterprise HR and finance SaaS and its share price has fallen about 40 percent over the last year amid investor concern about AI. Eschenbach was appointed CEO in January 2024. In February 2025 Workday cut 8.5 percent of personnel—about 1,750 roles—citing AI investment, later saying it would rehire different roles and skills. Activist investors took a $2 billion stake. Recent layoffs of about 2 percent aimed to align staff with top priorities and hit margins. Company leadership credited Eschenbach with scaling and maturing the organization for an AI-driven phase.
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