8-KLeadership ChangesRegulation FDExhibits & Filings

Workday, Inc. 8-K Report, Executive Changes (Nov 26, 2024)

Filed November 26, 2024For Securities:WDAY

Summary

Workday, Inc. (WDAY) has announced a significant executive leadership change with the appointment of Robert Enslin as President, Chief Commercial Officer, effective December 2, 2024. Mr. Enslin brings extensive experience from leadership roles at UiPath and Google, including a long tenure at SAP. His primary responsibility will be to drive revenue growth and oversee global sales, partnerships, and customer experience. This appointment coincides with Doug Robinson's retirement from his Co-President role, though he will continue as an Executive Advisor until April 2025 to ensure a smooth transition. In conjunction with his new role, Mr. Enslin has been granted a substantial compensation package, including a $1,000,000 signing bonus and an equity award valued at approximately $38,000,000 in restricted stock units (RSUs) vesting over four years. The company also amended its Executive Severance and Change in Control Policy to allow for acceleration of equity awards granted to new hires, such as Mr. Enslin, in cases of termination by Workday without cause, even outside of a change in control period. These changes signal a strategic focus on commercial leadership and retention of key talent.

Key Highlights

  • 1Robert Enslin appointed President, Chief Commercial Officer, effective December 2, 2024, bringing extensive experience from UiPath, Google, and SAP.
  • 2Mr. Enslin will lead Workday's global sales, partnerships, and customer experience to drive revenue growth.
  • 3Doug Robinson retires as Co-President but will serve as an Executive Advisor through April 30, 2025, to support transition.
  • 4Sayan Chakraborty appointed President, Product and Technology, retaining his responsibilities and compensation.
  • 5Robert Enslin receives a $1,000,000 signing bonus and an equity award valued at approximately $38,000,000 in RSUs.
  • 6RSU award for Mr. Enslin vests over four years, with one-fourth vesting after the first year and the remainder quarterly thereafter.
  • 7Workday amended its Executive Severance and Change in Control Policy to enable acceleration of new hire equity awards upon termination without cause, outside of a change in control period.

Frequently Asked Questions

Robert Enslin has been appointed as Workday's President, Chief Commercial Officer, effective December 2, 2024. He will be responsible for driving the company's revenue growth and leading global sales, partnerships, and customer experience. Mr. Enslin has a strong background, having previously served as CEO of UiPath and held senior sales leadership positions at Google and SAP.

Mr. Enslin's compensation includes an annual base salary of $750,000, a $1,000,000 signing bonus payable in two installments, and eligibility for a 100% target bonus under the cash incentive plan. He will also receive a significant equity award of approximately $38,000,000 in restricted stock units (RSUs) that vest over four years.

The policy was amended to allow equity awards granted to new hires, such as Mr. Enslin, to be eligible for acceleration upon termination by Workday without cause, even if not within a change in control period. This provision aims to enhance the attractiveness of employment and retention for key executives by providing greater security for their equity compensation.

Doug Robinson is retiring from his role as Co-President, effective December 2, 2024. He will continue to serve Workday as an Executive Advisor through April 30, 2025, to assist with the transition of his duties and support strategic initiatives.