Summary
Workday, Inc. (WDAY) filed an 8-K on February 28, 2022, announcing significant board-level changes. Co-founder and former Co-CEO, David A. Duffield, resigned from the Board of Directors and as Chairman Emeritus, effective February 24, 2022. This transition is noted as amicable and without disagreement. Mr. Duffield has been appointed to a newly created honorary role of CEO Emeritus, where he will serve as an advisor to management and the Board, continuing to leverage his experience in a less formal capacity. Concurrently, Thomas F. Bogan, formerly Vice Chairman, Corporate Development, was elected as a Class III director to the Board. Mr. Bogan's appointment is accompanied by a $750,000 restricted stock unit grant, with a portion vesting in March 2023 and the remainder over the subsequent twelve quarters. The company also amended its bylaws to formally establish the CEO Emeritus and Chairman Emeritus roles, outlining their duties and responsibilities.
Key Highlights
- 1David A. Duffield, co-founder, resigns from the Board of Directors and as Chairman Emeritus.
- 2David A. Duffield appointed to the new honorary role of CEO Emeritus, serving as an advisor.
- 3Thomas F. Bogan elected as a Class III director to the Board.
- 4Thomas F. Bogan receives a $750,000 RSU grant with a phased vesting schedule.
- 5Bylaws amended to formally establish the CEO Emeritus and Chairman Emeritus roles.
- 6Mr. Duffield's departure from the board is not due to any disagreement with management or the Board.