Workday, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Workday, Inc. on November 22, 2013. The report discloses a corporate governance event regarding the election of a new director to the Board of Directors.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on a personnel appointment and does not contain financial performance data.
Material Changes
The material change reported is the election of Jerry Yang as a Class I director of Workday, effective November 22, 2013. Mr. Yang will serve until the 2016 annual meeting of stockholders or until his successor is duly elected.
Management Commentary and Compensation
- Background: Mr. Yang is the founder of AME Cloud Ventures and co-founded Yahoo! Inc. in 1995. He has previously served on the boards of Yahoo Japan Corporation, Alibaba Group Holding Ltd., and Cisco Systems, Inc.
- Compensation: Upon appointment, Mr. Yang received a one-time grant of 60,000 restricted stock units (RSUs).
- Vesting Schedule: One-fourth of the RSUs vest on December 15, 2014. The remainder vests in increments of 1/16th upon completion of each three-month period of continuous service thereafter.
- Committee Assignments: Mr. Yang has not yet been named to serve on any committee of the Board of Directors.
Key Facts for Investor Verification
- Confirmation of Jerry Yang's Class I director status and term expiration (2016).
- Verification of the 60,000 RSU grant and specific vesting milestones.
- Future announcements regarding Mr. Yang's assignment to specific Board committees.