Summary
Workday, Inc. (WDAY) announced a change to its Board of Directors through an 8-K filing on September 5, 2016, effective August 30, 2016. The company elected Lee J. Styslinger, III as a Class III director. Mr. Styslinger brings significant executive leadership and board experience, currently serving as CEO and Chairman of Altec, Inc., and holding board positions at Vulcan Materials Company and Regions Financial Corporation. His appointment is expected to enhance the board's expertise in global market management and financial matters. In conjunction with his appointment, Mr. Styslinger will receive a one-time grant of 15,000 restricted stock units (RSUs), with a vesting schedule tied to his continued service on the board. This compensation aligns his interests with those of Workday shareholders. The filing also confirms no undisclosed related-party transactions or arrangements concerning Mr. Styslinger's appointment, providing transparency for investors.
Key Highlights
- 1Workday appointed Lee J. Styslinger, III as a new Class III director, effective August 30, 2016.
- 2Mr. Styslinger has extensive experience as CEO and Chairman of Altec, Inc.
- 3He currently serves on the boards of Vulcan Materials Company and Regions Financial Corporation.
- 4Mr. Styslinger previously served on Workday's CEO Advisory Board since 2015.
- 5He will receive a one-time grant of 15,000 restricted stock units (RSUs) as compensation.
- 6The RSUs will vest over time, with initial vesting on September 15, 2017, and subsequent tranches vesting quarterly.
- 7The filing confirms no reportable related-party transactions or understandings related to his appointment.