PLEASANTON, Calif., Feb 13, 2026, 09:34 (PST)
Workday co-founder Aneel Bhusri is set to collect stock awards worth $135 million as he steps back into the CEO role, according to a regulatory filing. Of that, $75 million depends on hitting certain share price targets over five years. The document also details a $1.25 million base salary and a target bonus that could reach twice that amount, with equity awards slated for a March 5 grant date. Bhusri and fellow founder David Duffield have a voting pact covering Class B shares that account for about 68% of Workday’s voting power, per the filing.
Subscription software names have taken a hit as investors fret that generative AI could upend the way business apps are bought and used. Workday has lost roughly $40 billion in market value from its high, Fortune said, with shares off 51% from an intraday peak just below $312 and down 29% since January. Salesforce, ServiceNow, and HubSpot have all suffered double-digit drops as well. Bhusri’s paper losses? According to Fortune, his stake has shrunk by about $1.3 billion in under two years.
Workday is framing the leadership change as a move aimed squarely at AI, shifting Eschenbach into a strategic adviser position. “AI is a bigger transformation than SaaS — and it will define the next generation of market leaders,” Bhusri said; SaaS refers to software sold by online subscription. Vice chair Mark Hawkins described the shift as a “defining moment shaped by AI.” The company plans to report fiscal fourth-quarter and full-year numbers on Feb. 24. Workday
Business Chief named Workday’s CEO change among its key leadership moves of the week, highlighting that Bhusri faces the challenge of guiding the company in an era of fast-moving AI. The outlet quoted Hawkins, who called Bhusri “no one better” for taking Workday forward. Business Chief
The deal looks bold on paper, but most of the payout comes in stock, not cash. That detail shifts the real payoff out to the future—and ties it directly to how Workday shares perform from here.
The awards come in the form of restricted stock units—RSUs, essentially a commitment to deliver shares if certain conditions are met. For time-based RSUs, just sticking around is enough for the executive to collect. Performance RSUs, on the other hand, tack on another hurdle, often tying payout to something like a specific share-price target.
Bhusri steps in wielding a rare level of authority for a public-company CEO. The dual-class share structure at Workday, paired with the founders’ voting pact, hands him the reins. Decisions can move quickly—but the setup leaves outside shareholders with little sway if they’re not on board.
A drawn-out downturn in cloud software could squeeze even top players, making it tough to boost valuations. Should the stock stay down, that performance award might never vest in full. Workday would then have to justify sticking with a hefty time-based grant.
Next up for investors is Workday’s Feb. 24 earnings, along with its guidance on growth and profitability. For Bhusri, this marks the first shot at proving a founder’s comeback can move sentiment on a stock the market’s been hammering.
