Workday Co-Founder Returns as CEO Amid Steep Share Decline (1)

Workday Inc. announced co-founder Aneel Bhusri is returning to head the software company, replacing chief executive officer Carl Eschenbach after the company’s shares have plummeted over the past year.

The change is effective immediately, the company said in a statement Monday. Eschenbach is also stepping down as a member of the board. He will stay on as a strategic adviser to Bhusri, according to the statement.

The returning CEO will receive $135 million in stock awards, contingent on time and performance in the role, in addition to a $1.25 million base salary, according to a regulatory filing. The departing ...