Workday CEO Steps Down, Co-Founder Returns to Take the Wheel
Carl Eschenbach exits as Workday CEO with immediate effect as co-founder Aneel Bhusri reclaims the top job.
Workday just pulled a leadership switcheroo. CEO Carl Eschenbach is out, effective immediately. Taking his place? Co-founder Aneel Bhusri, who's stepping back into the corner office.
The market didn't love the news. WDAY shares tanked more than 8% following the announcement on Monday.
Founder returns are always interesting in tech. Sometimes it signals a company getting back to its roots. Sometimes it signals trouble. Either way, investors are clearly spooked by the sudden change at the enterprise software giant.
Workday hasn't provided extensive details on why Eschenbach is departing or what prompted Bhusri's return to the CEO seat. The immediate nature of the transition raised eyebrows across the industry.
For now, the HR and finance software company is betting that its co-founder can steady the ship.