01—Abstract
Summary
Summary of the 8-K filed August 1, 2024. Cited figures are marked; the original filing is the authoritative source.
Workday, Inc. (WDAY) has filed an 8-K report announcing a significant leadership change within its accounting department.
Effective September 3, 2024, Mark Garfield will assume the role of Chief Accounting Officer (CAO). Mr. Garfield brings extensive experience to Workday, having most recently served as the Senior Vice President and CAO at Adobe, Inc. since 2018. His prior roles include leadership positions at Cloudflare, Inc. and Symantec Corporation, indicating a strong background in financial operations and accounting.
The appointment comes with a comprehensive compensation package designed to attract and retain Mr. Garfield. This includes a substantial base salary, a significant signing bonus, and a robust equity award valued at approximately $9 milliona in total, structured with multi-year vesting.
These arrangements underscore Workday's commitment to securing experienced financial leadership to support its ongoing growth and operational integrity. Investors should view this appointment as a strategic move to strengthen financial oversight and reporting capabilities.
02—Key points
Key Highlights
- Appointment of Mark Garfield as Chief Accounting Officer, effective September 3, 2024.
- Mr. Garfield brings significant experience from leadership roles at Adobe, Inc., Cloudflare, Inc., and Symantec Corporation.
- Garfield's compensation package includes an annual base salary of $515,000.
- A one-time signing bonus of $500,000 will be provided to Mr. Garfield.
- Mr. Garfield is eligible for a 35% target bonus under Workday's cash incentive plan.
- Substantial equity awards totaling approximately $9 million (RSU Award of $6M and Bridge Award of $3M) with multi-year vesting schedules are part of the compensation.
- Mr. Garfield will participate in Workday's Executive Severance Plan and Change in Control Policy.
03—Questions
Frequently Asked Questions
Who is Mark Garfield and what is his background?
Mark Garfield, 53, is the newly appointed Chief Accounting Officer of Workday, Inc., effective September 3, 2024. He has a distinguished career in finance, most recently serving as Senior Vice President and Chief Accounting Officer at Adobe, Inc. from 2018. Prior to Adobe, he held executive finance roles at Cloudflare, Inc. and Symantec Corporation, as well as other finance leadership positions.
What is Mark Garfield's compensation package at Workday?
Mr. Garfield will receive an annual base salary of $515,000, a $500,000 signing bonus, and is eligible for a 35% target bonus under Workday's cash incentive plan. He will also receive equity awards totaling approximately $9 million, consisting of a $6 million restricted stock unit (RSU) award vesting over four years and a $3 million 'Bridge Award' RSU vesting over two years, subject to his continued service.
Are there any potential conflicts of interest with Mr. Garfield's appointment?
Based on the filing, there are no disclosed arrangements between Mr. Garfield and any other persons regarding his selection as an officer. He has no family relationships with Workday's directors or executive officers and no material direct or indirect interest in any reportable transactions. He is expected to enter into Workday's standard indemnity agreement.
When does Mr. Garfield's appointment become effective and what are the vesting terms for his equity awards?
Mr. Garfield's appointment as Chief Accounting Officer is effective on September 3, 2024. The RSU Award has a four-year vesting period, with one-fourth vesting after the first anniversary of the Vesting Start Date and the remainder vesting quarterly thereafter. The Bridge Award vests over two years, with one-eighth vesting three months from the Vesting Start Date and the balance vesting quarterly thereafter.
04—Continue