Workday co-founder Anil Bhusri attends the World Economic Forum in Davos, Switzerland, on January 23, 2020. He was the company’s CEO at the time. With Karl Eschenbach stepping down, Mr. Bhusri will take up the role again.
Adam Garica | CNBC
working day announced Monday that CEO Karl Eschenbach will step down and be replaced by company co-founder Anil Bhosri, effective immediately.
Mr. Bhusri previously held various leadership roles at the company, including Co-CEO from 2009 to 2014, CEO from 2014 to 2020, Co-CEO from 2020 to 2024, and Executive Chairman from 2024 to 2026.
Mr. Eschenbach was named Workday’s co-CEO alongside Mr. Bhusri in 2022, and assumed the top job alone in 2024.
Software stocks, including Workday, have been under pressure in recent months as investors grow concerned about the potential for artificial intelligence to disrupt the sector. Workday’s stock price has fallen 17% in the last year and is down more than 20% since the beginning of the year.
The company’s stock price fell more than 5% on Monday.
“We are now at one of the most important moments in our history,” Bhusri said in a statement. “AI is a bigger change than[software-as-a-service]and will define the next generation of market leaders.”
sales force, oracle and microsoft is one of the leading software-as-a-service companies.
Last month, Eschenbach sought to dispel concerns about AI’s impact on the software sector, telling CNBC that the story is “exaggerated” and “not true.”
Workday cut about 1,750 jobs last year as it ramped up investment in technology.
“It has been an honor to serve as CEO for the past three years, and I am proud of everything we have accomplished, including increasing our operational discipline, expanding our global reach, expanding our industry focus, and building a meaningful foundation in AI,” Eschenbach said in a statement Monday.
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