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Workday CFO on why $1.1 billion Sana deal aligns with M&A strategy

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Good morning. In a year defined by strategic acquisitions, Workday is accelerating its transformation through big moves in the AI space.

Workday, which offers an AI platform for finance and HR, announced on Tuesday a definitive agreement to acquire Swedish AI startup Sana for around $1.1 billion. The deal, expected to close in the fourth quarter of Workday’s fiscal 2026, follows two other strategic acquisitions, Paradox and Flowise, announced last month.

I sat down with Zane Rowe, CFO of Workday (a CFO Daily sponsor) to discuss his perspective on the deal and the company’s approach to M&A. Sana’s proprietary technology, known for its intuitive user interface and foundational AI learning tools, aligns closely with Workday’s offerings, he explained. This will now be paired with Paradox’s conversational AI for frontline workers and Flowise’s AI agent-building capabilities.

Rowe said the acquisitions of Sana, Paradox, and Flowise reflect Workday’s disciplined approach to M&A. “We keep a very high hurdle on talent, team, technology, and cultural fit, and it’s really a paradigm that has to fit perfectly; and that’s how we think about our M&A strategy,” he noted.

Past integrations, such as Hiredscore and Evisort (acquired in 2024), have performed strongly, and Workday expects Sana to deliver similar value, Rowe said. Much of the anticipated success comes from cultural fit, he added. “It’s truly the integration plan and how the cultures can work together and how we can embrace that with the leaders of these companies coming into Workday,” he said. “That, candidly, is the most exciting part for me—to see these leaders still thrive within the company and do really great things.”

For Sana, joining Workday promises a larger, global stage and access to a user base of over 75 million people.

The Fortune 500 company’s latest announcements also highlight innovations beyond M&A, including Flex Credits—giving Workday customers modular, usage-based access to AI tools—and the launch of 15 new AI agents via its venture partner network. For example, on the finance side, “we have some very interesting agents to help look at the close process,” Rowe said. As AI adoption grows, organizations will improve their ability to track and measure its business impact, he said.

Workday continues to “bolster its Illuminate agent platform” with the acquisition of Sana, as well as a partnership with Microsoft to import agents built on the Azure AI Foundry into the platform, BofA Securities analysts wrote in a Tuesday note. The launch of the flex credit pricing model for Illuminate should enable Workday to capture upside from agent usage via a consumption model over time, according to analysts. BofA Securities has reiterated its Buy rating and $265 price target.

Rowe also shared his thoughts on Workday entering its 20th year in business: “I’m fortunate to be part of an enterprise that works with people and numbers—the two things you need in business, and the two things I’m most passionate about.”

Have a good weekend. See you on Monday.

Sheryl Estrada
sheryl.estrada@fortune.com

Leaderboard

Some notable moves this week:

Srinivas Phatak was promoted to CFO of Unilever PLC, effective immediately. In February, the company announced that Srinivas, who was deputy CFO and group controller at the time, would become acting CFO. He was selected as finance chief following a full search.

Elena Marquez has been promoted to CFO of Anterix (Nasdaq: ATEX), a provider of private wireless broadband spectrum for utilities. Marquez succeeds Tim Gray, who is departing Anterix to pursue a new opportunity. For the past four years, Marquez has served as VP of finance and controller at Anterix. She has held senior finance roles across public and pre-IPO multinational companies in the financial services and biotech industries, including leading a four-year transformation initiative at Prudential Financial.

Jeff White was appointed CFO and treasurer of Leslie’s, Inc. (Nasdaq: LESL), a direct-to-customer brand in the U.S. pool and spa care industry, effective October 5. White succeeds Tony Iskander, who notified the company on August 15 of his resignation from his position as interim CFO and treasurer, effective October 4. Most recently, White served as CFO for Sportsman’s Warehouse, where he led initiatives including rebuilding FP&A. He was previously an audit manager at KPMG LLP.

Raja Dakkuri, EVP and CFO of Cohen & Steers, Inc. (NYSE: CNS), has decided to resign from the company effective Oct. 17 after accepting another opportunity. Cohen & Steers has appointed Michael Donohue, SVP and controller, as interim CFO. The company has begun a search, considering both internal and external candidates, to find a permanent successor.

Hashim Ahmed has been appointed CFO of New Found Gold Corp. (NYSE-A: NFGC), effective immediately. Current CFO Michael Kanevsky will assist with the transition. Ahmed brings 25 years of experience, most recently serving as EVP and CFO at Mandalay Resources Corp., prior to its acquisition by Alkane Resources Ltd. He has also held CFO roles at Nova Royalty Corp. and Jaguar Mining Inc., and spent seven years at Barrick Gold Corp.

Jeff Alkhas was appointed CFO of ThayerMahan, a maritime technology company. Alkhas joins ThayerMahan with more than 20 years of experience. His most recent role was CFO and COO for Arbill Industries, a safety solutions provider

Robert “Bob” R. Foley, CFO of TPG RE Finance Trust, Inc. (NYSE: TRTX), has decided to retire from TPG at the end of the year. He will become a senior advisor to TPG’s real estate credit business and will transition his day-to-day duties to Brandon Fox, TRTX’s chief accounting officer (CAO), who will assume the role of interim CFO, effective October 1. Fox has served as CAO since January 2022.

Big Deal

How to unlock value in an uncertain market,” a report by KPMG, examines how dealmakers can leverage the principles of integration strategy to drive improved performance outside of live transactions. One of the key findings is that management should use both top-down and bottom-up approaches to identify and implement strategic initiatives, leveraging technology and analytics while setting clear KPIs to ensure accountability and alignment with business objectives, the firm advises.

Going deeper

Here are four Fortune weekend reads:

Overheard

“Not only has he created something like a billion dollars in market cap for every day that he’s been in the seat, but I think what’s more interesting about him is that he is an avid listener.”

 

—Ramp CEO Eric Glyman said this of Microsoft CEO Satya Nadella to Fortune Editor-in-Chief Alyson Shontell during a live recording of the Fortune 500: Titans and Disruptors of Industry podcast at Fortune’s Brainstorm Tech conference last week. 
This is the web version of CFO Daily, a newsletter on the trends and individuals shaping corporate finance. Sign up for free.



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Jim Carrey nearly quit ‘Grinch’ — Then the founder of SEAL Team Six came to the rescue

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For his role in the movie How the Grinch Stole Christmas, which came out in 2000, Jim Carrey’s tortuous costume and makeup had him on the verge of walking away from a $20 million paycheck.

In an interview with Vulture, the actor said the first day of makeup took eight hours. He nearly quit and suffered from panic attacks after having to wear painful green contacts, makeup that made him breathe through his mouth the whole time, and a full body suit made of itchy yak hair. But before he walked away, producer Brian Grazer hired the founder of SEAL Team Six to help Carrey suck it up.

“Richard Marcinko was a gentleman that trained CIA officers and special-ops people how to endure torture. He gave me a litany of things that I could do when I began to spiral. Like punch myself in the leg as hard as I can. Have a friend that I trust and punch him in the arm. Eat everything in sight. Changing patterns in the room,” Carrey told Vulture in the interview, which was published on Friday.

“If there’s a TV on when you start to spiral, turn it off and turn the radio on. Smoke cigarettes as much as possible. There are pictures of me as the Grinch sitting in a director’s chair with a long cigarette holder. I had to have the holder, because the yak hair would catch on fire if it got too close,” he added.

Carrey said he later learned that Marcinko was the founding officer of SEAL Team Six, the famed special-operations unit. Marcinko passed away at age 81 in December 2021.

Director Ron Howard and Grazer, who were also part of the Vulture interview, recalled Carrey struggling onset because of his Grinch costume.

Howard said the pain he endured was less physical than mental as the makeup was “destroying” Carrey’s skin. It was determined by medical professionals that Carrey couldn’t work in the makeup five days in a row, so he would have a day off or only be off-camera feeding dialogue on Wednesdays, he added.

“Jim started having panic attacks. I would see him lying down on the floor in between setups with a brown paper bag. Literally on the floor. He was miserable,” Howard said.

Carrey even offered to return his entire $20 million paycheck, with interest, Grazer said. But, instead Grazer found Marcinko. 

“I said, ‘Listen, you can quit on Monday, but just spend time with this guy on the weekend,’” Grazer said.



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A NIMBY revolt is turning voters in Republican strongholds against the AI data-center boom

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Silicon Valley and Washington sees data centers as the backbone of America’s AI future. Residents who live next to them see giant, humming boxes that throw diesel exhaust into the air, drive up energy costs, and steamroll the look and feel of their neighborhoods—“a plague,” as Virginian anti-data center activist Elena Schlossberg put it.

“If you live near a data center that’s being powered by these gas turbines, you simply cannot imagine living there,” she said. You can “hear the noise” in your home, added Schlossberg—who got into the fight a decade ago while trying, unsuccessfully, to stop Facebook from putting a data center next to her property. 

Virginia has long been the biggest data center hub of not just the country but the world, with northern Virginia alone hosting 13% of the globe’s data centers in 2023, according to a government report. And for just as long, residents have been locked into battles over what that footprint means for their communities.

Now, Schlossberg is leading a Virginia nonprofit group, Save Prince William County, to fight against the encroachment of even more data centers to power the AI boom. Data center power demand is expected to rise five-fold over the next decade, Deloitteprojects; reaching 176 gigawatts, the same amount as Australia and the United Kingdom’s entire power grids combined.

AI infrastructure builders, and the tech giants that plan to rely on the future data centers, argue that they’re essential to unlocking AI’s economic benefits. But in some of the states slated to house these projects, many of them politically purple-ish or even red—Virginia, Indiana, Ohio, Pennsylvania—voters are revolting, often successfully keeping them out of their neighborhoods. Indeed, in elections held last month, opposition to data centers helped tip elections in Democrats’ favor in Virginia and Republican-leaning Georgia.

“Folks realize they’re getting duped,” said Kerwin Olson, executive director of the Citizens Action Coalition, an environmental advocacy coalition based in Indiana. “It’s not just something they hear on Fox News or MSNBC anymore. It’s happening in their own backyard.”

Big Tech companies, Olson added, are showing up at local planning commissions and drainage boards asking for “huge giveaways”— tax abatements, zoning variances, special exceptions —”all to build a $3 billion box that creates maybe 30 jobs.”

“So they’re like, what’s in it for us?” Olson asked. 

Upcoming political battles

The first signs of what could be a broader political reckoning are appearing at the county level. In Prince William County—home to the fight over a proposed 2,000-acre “Digital Gateway” development near the Manassas battlefield—data centers have already forced recalls, resignations, and primary defeats of elected officials, Schlossberg said. The issue has become so radioactive that candidates in both parties now treat opposition to data-center expansion as a prerequisite for running, she added.

“It’s never been red versus blue,” Schlossberg said. “It’s people who live here versus people who want to industrialize where we live.”

That county could be a canary in the coalmine for what comes next, as Democrats and Republicans approach critical midterm congressional elections in 2026. Across key swing states, activists say the next wave of AI-driven projects will collide with a public that is far more organized and hostile than it was even two years ago. 

That tension is beginning to creep into politics. In Indiana, legislators publicly tout the state’s new data-center incentives while privately warning counties that the projects are not without tradeoffs. In Virginia, candidates now get asked—at libraries, at farmer’s markets, even at high school football games—whether they would support a temporary moratorium.

Olson said his group has been “buried” in calls from Hoosiers in every corner of the state—red, blue, rural, suburban—asking for help deciphering tax abatements and utility filings. “I’ve worked on energy issues for decades,” he said. “I have never seen anything like the scale of anger over this.”

When voters see those consequences firsthand, Olson said, they stop caring about geopolitical talking points. “You can tell people this is about beating China,” he said. But when their bill goes up, and their kids are sleeping in basements with headphones on because of the noise, they’re not thinking about China. 

At the heart of the backlash is a basic economic question that data-center backers haven’t convincingly answered: Why should the public subsidize infrastructure that serves some of the world’s richest companies?

Indiana’s first filing under its new “80/20” law—touted as a safeguard to make data centers pay most of the costs—still leaves ratepayers actually footing nearly 40% of the bill, Olson said. The organization he runs, Citizens Action Coalition, did an analysis that revealed that Hoosier households paid 17.5% more in utility bills in 2025 than the previous year. In Virginia, residents fear they will ultimately finance the transmission lines and new generation needed to serve hyperscale facilities.

“The public utility model was always a social contract,” Schlossberg said. “The data-center industry blew that up.”

In many ways, the backlash boils down to a trust problem. Residents don’t trust Big Tech, seeing the hyperscalers as being like “robber barons at the turn of the century” but with unprecedented demands for land, water, and power. Olson pointed to NDAs, closed-door negotiations, and local officials dining with tech consultants as signs that decisions are being made over communities’ heads and without local voters’ input. Layered onto that is a broader skepticism of AI itself: Many voters aren’t convinced they should remake their towns for what still feels like an unproven or overhyped technology.

“It’s like the Gilded Age, part two,” Olson said. “Only bigger.”



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The job market is so bad, people in their 40s are resorting to going back to school instead of looking for work

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This year’s job market has been bleak, to say the least. Layoffs hit the highest level in 14 years, job openings are barely budging, and quits figures are plummeting. It’s no wonder people feel stuck and discouraged—especially as many candidates have been on the job hunt for a year.

But some mid-career professionals are working with the cards they’ve been dealt by going back to school. Many are turning to data analytics, cybersecurity, AI-focused courses, health care, MBA programs, or trade certifications for an “immediate impact on their careers,” Metaintro CEO Lacey Kaelani told Fortune.

Metaintro is a job-search engine with 2 million active users that runs on open-source data processing more than 600 million jobs in real time.

“We absolutely see this trend [of adults going back to school] accelerating,” Kaelani said. “In combination with layoffs over the recent years plus the rise of required AI skills, experience is no longer enough.”

Kelsey Szamet, an employment attorney with Kingsley Szamet Employment Lawyers, said she’s noticed people over the age of 40 to go back to grad school or earn certifications.

While it’s not necessarily a completely new phenomenon, it’s becoming more frequently now that the job market is the pits. 

Still, Szamet he sees “very consistent” reasons for people considering higher education at a later stage in life. Some believe they’ve “plateaued” in their career and education is the only option. Others have been affected by layoffs, and there are some “who have simply become burned out with work and want a meaningful profession,” she told Fortune

“Then, too, come life circumstances. Some people have fewer responsibilities, better financial security, or a sense they will never make a change if they put it off now,” she said, adding she’s seeing more people pivot out of “dying industries,” those whose salaries have stagnated, or those who have job-security fears.  

According to Hanover Research, the top master’s degrees on the rise include artificial intelligence, mechatronics, robotics, automation engineering, research methodology, quantitative methods, as well as construction engineering technology. 

The cost of going back to school

Sometimes going back to school can also just feel like delaying the inevitable: student loans and other living costs. 

While grad school can certainly offer the opportunity to level-up your career once you’ve completed a program, it comes with financial and personal sacrifices, like time. According to the National Center for Education Statistics, one year of grad school, on average, costs about $43,000 in tuition. That’s nearly 70% the average salary in the U.S.

“Going to school can be very beneficial, but it can be very costly too,” Szamet said. And, when people are older and going back to school, they should consider “the cost of education and how stressful it can be to juggle work and family responsibilities with education.” Overall, “one ought to assess if it will be a good investment,” she added. 

That’s why it’s important to do your homework. Some degree programs have a better return-on-investment than others. According to an ROI analysis by the Foundation for Research on Equal Opportunity, the median master’s degree increases lifetime earnings by $83,000, but some master’s degrees are worth more than $1 million. Computer science, engineering, and nursing are some of the highest-ROI master’s programs, with average ROIs of about $500,000, according to the Foundation for Research on Equal Opportunity analysis. 

Still, 40% of master’s degrees actually “have no net financial value at all,” according to the report.  

“In today’s job market, going back to school only works when it’s strategic and targeted [like a] specific technical certification in a high-demand field), but fails when it’s vague,” Kaelani emphasized. “It’s no longer ‘more education equals a better job.’”

This story was originally featured on Fortune.com



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