#activist-investors

#activist-investors

Carl Eschenbach has stepped down as Workday CEO and been replaced by co-founder and executive Aneel Bhusri following a round of job cuts and share price volatility.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.

The company said that since Third Point and D.E. Shaw's first letter last year, it has conducted extensive engagement with its shareholders including Third Point and that the feedback gained helped inform the meaningful steps it has taken to deliver shareholder value. Some of these actions include the appointments of John Berisford, Rachel Glaser and Christine McCarthy to the firm's board of directors, replacing Michael Klein, Christopher Nassetta and Laura Kaplan, who all retired from the board;

HPE's $14 billion acquisition of Juniper Networks faces renewed scrutiny as a federal judge may review its public interest due to conspiracy theories and political objections.