Overview
- Workday replaced CEO Carl Eschenbach with co‑founder Aneel Bhusri effective immediately, with Eschenbach leaving the board and serving as a strategic adviser.
- Bhusri framed the change as an AI-driven reset, saying artificial intelligence represents a bigger transformation than SaaS and will define the next generation of market leaders.
- Shares fell as much as 9.6% intraday and were reported down about 5% on Monday, extending a decline of roughly 41% over the past 12 months and more than 20% year to date.
- The move follows staff reductions tied to an AI focus, including about 1,750 roles cut last year and roughly 400 more announced last week to prioritize key areas.
- Eschenbach is set to receive a $3.6 million lump-sum payment, while Bhusri’s compensation includes $135 million in performance- and time-based stock awards and a $1.25 million base salary.