"By Alicia Tang and Brody Ford, Bloomberg Workday Inc. announced co-founder Aneel Bhusri is returning to head the software company, replacing chief executive officer Carl Eschenbach after the company's shares have plummeted over the past year. The change is effective immediately, the company said in a statement Monday. Eschenbach is also stepping down as a member of the board. He will stay on as a strategic adviser to Bhusri, according to the statement."
"The returning CEO will receive $135 million in stock awards, contingent on time and performance in the role, in addition to a $1.25 million base salary, according to a regulatory filing. The departing executive Eschenbach will receive a $3.6 million severance payment in addition to accelerated vesting of outstanding stock awards. Bhusri co-founded Workday in 2005, serving as CEO from 2014 to 2020 and co-CEO from 2020 to 2024. Eschenbach was named co-CEO in late 2022 alongside Bhusri."
"We're now entering one of the most pivotal moments in our history. AI is a bigger transformation than SaaS and it will define the next generation of market leaders, Bhusri said in a statement. Shares of Workday fell as much as 9.6% after trading got underway in New York, touching their lowest level since November 2022. They were already down about 41% over the past 12 months."
Aneel Bhusri returns as CEO of Workday, replacing Carl Eschenbach effective immediately, with Eschenbach stepping down from the board and remaining as a strategic adviser. Bhusri will receive $135 million in contingent stock awards plus a $1.25 million base salary, while Eschenbach will receive $3.6 million severance and accelerated vesting of stock awards. Workday's shares have fallen about 41% over the past year and dropped as much as 9.6% on the news. Bhusri emphasized AI as a transformative shift beyond SaaS and signaled prioritization of AI-driven product development. Under Eschenbach the company focused on profitability and announced job cuts.
Read at www.mercurynews.com
Unable to calculate read time
Collection
[
|
...
]