Workday CEO Carl Eschenbach is stepping down, co-founder Aneel Bhusri to take over

In a significant leadership shift, Workday announced on Monday that Carl Eschenbach will step down as CEO, with co-founder Aneel Bhusri taking over the role immediately. Bhusri, who has an extensive history with the company, has previously served as co-CEO from 2009 to 2014, CEO from 2014 to 2020, co-CEO from 2020 to 2024, and executive chair from 2024 to 2026. Eschenbach was appointed co-CEO alongside Bhusri in 2022, later assuming the sole CEO position in 2024. The company's stock has been under pressure recently, reflecting investor concerns about the potential disruptions artificial intelligence might bring to the software industry. Workday's shares plummeted 17% last year and have fallen over 20% since the start of this year, suffering a 5% drop on Monday alone. In a statement, Bhusri emphasized the importance of this transition, declaring, "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." Major players in the SaaS sector, such as Salesforce, Oracle, and Microsoft, are also facing similar challenges. Eschenbach, while stepping down, reflected on his tenure, stating, "It's been a privilege to serve as CEO over the past three years. I'm proud of all we achieved — instilling greater operational discipline, expanding globally, broadening our industry focus, and laying meaningful groundwork in AI." This leadership change comes after Workday made significant workforce reductions, cutting approximately 1,750 jobs last year to enhance its investment in technology.