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Workday shuffles executive ranks, Stankey now vice chairman

Former CFO Mark Peek is now co-president with Workday's former sales head Phil Wilmington.

There's a game of executive musical chairs going on within Workday.

The human capital management cloud vendor on Thursday announced chief operating officer and president Mike Stankey would move on to the role of vice chairman and member of the company's board of directors.

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In his new role, Stankey will focus on expansion into new markets and leadership development. There are no details yet on a replacement COO.

Stankey's vacated president position, however, will be filled with two replacements. Mark Peek, previously the company's chief financial officer, will become co-president along with Phil Wilmington, who previously served as Workday's worldwide head of sales. Peek will focus on finance and oversee most aspects of the company's business operations, while Wilmington will lead sales and customer service.

Stankey, Peek and Wilmington will all report to Workday CEO and co-founder Aneel Bhusri, who said the leadership changes will help the company accelerate its revenue growth.

"With these moves, we are strengthening our management team and setting up to grow from our current revenue run rate of $1 billion to our next target of $3 billion and beyond," Bhusri said in a statement.

While Workday's recently reported fiscal first quarter was solid, the company saw billings growth below expectations, a signal that competition is heating up from incumbent enterprise software vendors. But even though Workday is experiencing the same seasonality as other SaaS providers, the company is still landing high profile customers, most recently Coca-Cola and Dell.