Workday (WDAY) stock has experienced a remarkable 50% increase this year, outperforming the S&P 500 and showcasing the continued success of the tech industry in 2023. The cloud-software company has been delivering impressive earnings reports, indicating a positive trajectory to recover from last year's 39% decline.
Co-CEO Carl M. Eschenbach recently reinforced his confidence in Workday by purchasing a significant block of shares. On August 29, Eschenbach acquired 8,676 Workday shares at an average price of $240.44, totaling a purchase worth $2.1 million. He executed these transactions through a family trust, which now holds 20,222 shares, in addition to his personal account that possesses 666,852 shares of Workday.
Eschenbach employed a Rule 10b5-1(c) plan to conduct the stock purchases. This strategy allows for automatic trades based on predetermined parameters, eliminating any potential bias that could arise from possessing nonpublic information. By utilizing this approach, the company insider ensures transparency and adheres to regulatory standards.
As a director since February 2018 and co-CEO since December 2022, Eschenbach plays an integral role in Workday's leadership team. His prior experience as a general partner at venture capital firm Sequoia Capital Operations and continued involvement as a venture partner exemplify his extensive industry knowledge.
Eschenbach serves as co-CEO alongside Aneel Bhusri, who is also the co-founder and chair of Workday. Their joint leadership will continue until January 2024, at which point Eschenbach will assume the role of sole CEO.