Workday appoints Sequoia’s Carl Eschenbach as co-CEO alongside Bhusri

Aneel Bhusri, CEO, Workday, speaks at the World Economic Forum in Davos, Switzerland, Oct. 23, 2020.

Adam Galuccia | CNBC

working day said Tuesday that co-CEO Chano Fernandez is leaving the company and will be replaced by Sequoia Capital’s Carl Eschenbach, a former VMware executive and member of the Workday board.

Eschenbach will act alongside Aneel Bhusri, who co-founded the company in 2005. According to Workday, Eschenbach is expected to become the company’s sole CEO after January 2024, when Bhusri will transition to the role of CEO.

Workday shares fell 2% in extended trading following the announcement. The stock is down 37% this year.

Bhusri co-founded Workday, which sells cloud-based HR and finance software, with Dave Duffield and has since led the company for several periods with various co-CEOs. Bhusri and Duffield shared responsibilities as CEO from 2009 to 2014 when Duffield stepped down. Bhusri became co-CEO again in 2020 with the appointment of Fernandez, a former SAP executive who joined Workday in 2014.

Prior to Workday, Bhusri held leadership positions at PeopleSoft oracle Acquired in 2005 for $11.1 trillion.

Eschenbach was with Sequoia for almost seven years and has served on the boards of cloud software companies zoom, snowflake Spirit UiPath, all of which were in the company’s portfolio. He was previously President and Operating Chief of VMware.

WATCH: Workday’s co-CEO on the company’s quarterly results and why its financial applications were strong

Workday's co-CEO on the company's quarterly results and why its financial applications were strong

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