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Key takeaways

  • Aneel Bhusri returns as Workday CEO, replacing Carl Eschenbach.
  • The company is under pressure from investors because of industry concerns about the potential of artificial intelligence.
  • Bhusri believes AI will fundamentally change the market and even surpass the impact of SaaS.

Workday on Monday announced a leadership change with immediate effect. Carl Eschenbach is stepping down as CEO and making way for co-founder Aneel Bhusri, who returns to the position. Bhusri has held various leadership roles within Workday over the years, including co-CEO and CEO.

Challenges for the industry

This transition comes at a time when the software industry is facing major challenges. There are many concerns about the far-reaching potential of AI. Investors' concerns about AI's impact on the sector are putting pressure on software stocks, including Workday. The company's shares have suffered significant losses over the past year.

AI

Bhusri acknowledges this pivotal moment in history and points to the power of AI. He predicts that AI will play an important role in shaping the next generation of market leaders. He compares the impact of AI to that of software as a service (SaaS) and points out its broader importance.

Last year, former CEO Eschenbach tried to minimise concerns about AI's impact on the software industry. Workday nevertheless took proactive measures by cutting around 1,750 jobs to allow for more investment in AI technology. In a statement, Eschenbach looks back on his tenure as CEO with pride, citing achievements such as improved operational discipline and global expansion. (uv)

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