8-KLeadership Changes

Workday, Inc. 8-K Report, Executive Changes (Nov 27, 2013)

Filed November 27, 2013For Securities:WDAY

Summary

Workday, Inc. (WDAY) filed an 8-K on November 26, 2013, to report the appointment of Jerry Yang to its Board of Directors, effective November 22, 2013. Mr. Yang is a notable figure in the technology industry, recognized as the co-founder of Yahoo! Inc. and founder of AME Cloud Ventures. His extensive experience includes previous board roles at Yahoo Japan Corporation, Alibaba Group, and Cisco Systems, as well as current board involvement with Lenovo and Stanford University. This appointment adds significant expertise to Workday's board. In connection with his election, Mr. Yang was granted 60,000 restricted stock units (RSUs) with a vesting schedule beginning December 15, 2014. Investors should note that Mr. Yang has not yet been assigned to any board committees and there are no undisclosed arrangements or related-party transactions concerning his appointment.

Key Highlights

  • 1Appointment of Jerry Yang to Workday's Board of Directors, effective November 22, 2013.
  • 2Jerry Yang's extensive background includes co-founding Yahoo! Inc. and founding AME Cloud Ventures.
  • 3Mr. Yang brings prior board experience from companies such as Cisco Systems, Alibaba Group, and Yahoo Japan Corporation.
  • 4He currently serves on the Board of Trustees for Stanford University and as a board observer for Lenovo.
  • 5Mr. Yang received a grant of 60,000 restricted stock units (RSUs) upon his appointment.
  • 6The RSUs have a staggered vesting schedule, commencing on December 15, 2014.
  • 7No current committee assignments for Mr. Yang on the Workday Board, and no related-party transactions requiring disclosure.

Frequently Asked Questions

Jerry Yang is a prominent figure in the tech industry, best known as the co-founder of Yahoo! Inc. and the founder of AME Cloud Ventures. His appointment to Workday's Board of Directors is significant because it brings a wealth of experience from leading technology companies and venture capital, potentially offering strategic guidance and industry insights to Workday.

Upon his election to the board, Jerry Yang was granted 60,000 restricted stock units (RSUs). These RSUs will vest over time, with one-fourth vesting on December 15, 2014, and the remaining portion vesting in installments thereafter based on continued service.

The filing states that there are no undisclosed arrangements or understandings between Mr. Yang and any other persons regarding his election, nor are there any transactions between Mr. Yang and Workday that require disclosure under Item 404(a) of Regulation S-K, indicating no apparent conflicts of interest at the time of filing.

According to the filing, Mr. Yang has not yet been named to serve on any committee of the Workday Board of Directors. His committee assignments may be announced at a later date.