Summary
This Form 8-K filing from Workday, Inc. (WDAY) on April 14, 2014, primarily reports a significant change in its Board of Directors. Scott Sandell, a Director since 2009 and a General Partner at New Enterprise Associates, has decided not to stand for re-election at the upcoming 2014 Annual Meeting of Stockholders. This decision is attributed to Mr. Sandell's other business and board commitments and is explicitly stated as not being the result of any disagreement with Workday or its management. While Mr. Sandell's departure from the Board might be viewed as a minor event in the context of a growing company, investors should note his tenure and background. As a General Partner of a prominent venture capital firm, his contributions and insights have likely been valuable. His continued service until the Annual Meeting on June 3, 2014, and his participation in key committees (Compensation, Nominating & Governance, and Investment) provide a period of transition. The filing reassures investors that this is not indicative of any internal conflict.
Key Highlights
- 1Scott Sandell, a Workday Director since 2009, will not seek re-election at the 2014 Annual Meeting.
- 2Mr. Sandell's decision is due to existing business and board commitments.
- 3The departure is not a result of any disagreement with Workday, its Board, or management.
- 4Mr. Sandell is a General Partner at New Enterprise Associates, a venture capital firm.
- 5He will continue to serve on the Board and its Compensation, Nominating & Governance, and Investment Committees until his term expires.
- 6The 2014 Annual Meeting of Stockholders is scheduled for June 3, 2014.