8-K: Udemy Appoints New Chief Technology Officer, Founder Eren Bali Shifts to Head of Innovation Role

Udemy, Inc. announced a significant leadership transition with the appointment of Ozzie Goldschmied as its new Chief Technology Officer, while co-founder Eren Bali moves to a strategic Head of Innovation role focused on AI and product vision.

Summary

• Udemy, Inc. has appointed Ozzie Goldschmied as its new Chief Technology Officer (CTO), effective June 11, 2025.
• Eren Bali, the company's co-founder and former CTO, has transitioned to a newly created role as Head of Innovation, also effective June 11, 2025.
• Mr. Goldschmied will oversee Engineering, Design, Product, Data Science, and Technical Product Management teams, with a focus on transforming Udemy into an AI-powered platform.
• Mr. Bali's new role will concentrate on breakthrough innovations and AI advancement within Udemy's new Innovation Studio.
• During an interim period from June 11 to August 15, 2025, Mr. Bali will serve full-time with current compensation, after which he will transition to a part-time role with an annual base salary of $120,000.
• Mr. Bali will no longer be eligible for the company's 2025 annual bonus opportunity or any future annual bonus opportunities, and his change-in-control and severance agreement terminated as of June 11, 2025.
• Mr. Goldschmied will initially serve under a consulting agreement, receiving a cash consulting fee of $39,166.67 per month.
• He will also receive an initial grant of 645,000 restricted stock units (RSUs), vesting one-third after one year and the remainder quarterly over the subsequent two years.
• Upon the conclusion of the consulting period (expected around August 15, 2025), Mr. Goldschmied is intended to transition to an employee of a Canadian subsidiary with an annual salary of $649,348.57 CAD (based on $470,000 USD at a 0.72366 exchange rate) and eligibility for a 70% target annual bonus.
• A change in control and severance agreement will be entered into with Mr. Goldschmied upon his transition to an employee, providing specific severance benefits based on termination circumstances.

Sentiment

Score: 7

Explanation: The sentiment is generally positive due to the strategic appointments aimed at accelerating AI and product innovation, bringing in experienced leadership, and retaining the founder's vision in a focused innovation role. The structured transition and clear roles contribute to a favorable outlook, despite the inherent change.

Positives

• Appointment of Ozzie Goldschmied, a seasoned technology leader with nearly 30 years of experience, including co-founding Dayforce and serving as CTO of Ceridian, brings strong enterprise solutions and human capital management expertise.
• Mr. Goldschmied's background in scaling technology and product management for millions of users globally is expected to accelerate Udemy's transformation into an AI-powered platform.
• Eren Bali's transition to Head of Innovation allows him to focus on his passion for breakthrough innovations and AI advancement, potentially driving significant future product development.
• The creation of a dedicated 'Innovation Studio' under Mr. Bali's leadership signals a strong commitment to leveraging AI for next-generation skilling experiences.
• The strategic pairing of Mr. Goldschmied's operational expertise with Mr. Bali's visionary innovation aims to strengthen the executive team and accelerate Udemy's market position.

Negatives

• The departure of a co-founder from the Chief Technology Officer role could introduce a period of transition or uncertainty, despite the new Head of Innovation role.
• Eren Bali's shift to a part-time role and cessation of bonus eligibility and severance agreement might be perceived as a reduction in his direct operational commitment to the company's core business.

Risks

• The document refers to potential risks and uncertainties that could cause actual results to differ, as detailed under 'Risk Factors' in the company's filings with the SEC, including the Quarterly Report on Form 10-Q for the three months ended March 31, 2025.
• Potential challenges in integrating a new CTO and ensuring a smooth transition of responsibilities from the outgoing CTO, especially given the strategic importance of the role.
• Risks associated with the successful formation of a Canadian subsidiary and the employment of local personnel for Mr. Goldschmied's full-time employment.

Future Outlook

Udemy aims to accelerate its transformation into a world-class AI-powered platform for skills development, leveraging Ozzie Goldschmied's technical leadership for execution and Eren Bali's focus on breakthrough innovations and AI advancement. The company intends to establish a Canadian subsidiary and transition Mr. Goldschmied to an employee role there, with eligibility for future equity awards starting in 2026.

Management Comments

• Hugo Sarrazin, President and CEO of Udemy, stated: "We are excited to welcome Ozzie to Udemy's leadership team at this transformative moment for our company. Ozzie's expertise in developing innovative enterprise solutions that serve millions of users globally will be instrumental as we advance our transformation into a world-class AI-powered platform to reskill and upskill the future workforce. We look forward to leveraging Ozzies technical leadership to further accelerate execution of our strategy."
• Ozzie Goldschmied commented: "Udemy is uniquely positioned at the intersection of two powerful growth drivers: the rapid adoption and disruption of AI and the global imperative for continuous skills development. AI is impacting every industry and presents a significant opportunity to build solutions that fundamentally transform how skills are developed, measured, and applied. We have enormous potential to leverage Udemy's global scale and massive network of content creators to support our customers' evolving needs as their preferred skills development platform for the AI era and beyond."
• Eren Bali, Head of Innovation, expressed: "I am incredibly excited to focus my energy on pushing the boundaries of what's possible in skills development with technology, which is what I'm most passionate about. Udemys new Innovation Studio is a dedicated space to explore and develop next-generation skilling experiences powered by AI. This transition allows me to leverage my entrepreneurial mindset within Udemy while collaborating with Ozzie to scale our technology and product strategy for the future. Together, we will accelerate Udemy's impact in ways I could never have imagined when we started this journey 15 years ago."
• Sarrazin also added regarding Bali's new role: "With Eren in this new role, we can harness his exceptional talents for innovation while strengthening our executive team with Ozzie's enterprise scaling expertise. This strategic pairing will drive Udemy's journey towards becoming the definitive AI-powered skills development platform for customers around the world."

Industry Context

This announcement reflects a broader industry trend where technology companies, particularly in education and human capital management, are heavily investing in and re-aligning leadership to capitalize on the rapid advancements and disruption brought by Artificial Intelligence. The focus on 'AI-powered skills development' positions Udemy to address the global imperative for continuous skills development in a workforce increasingly impacted by AI, aligning with the demand for reskilling and upskilling.

Management Changes

Corporate Governance

Stakeholder Impact

• **Shareholders**: Potential positive impact from strengthened executive leadership and a focused strategy on AI and innovation, which could drive future growth and competitive advantage. However, changes in key leadership can also introduce short-term uncertainty.
• **Employees**: New leadership in the technology and product divisions may lead to strategic shifts and new operational directives. The creation of an 'Innovation Studio' could offer new opportunities for employees interested in cutting-edge AI development.
• **Customers**: Expected to benefit from accelerated product development and enhanced AI-powered features, leading to a more robust skills development platform.
• **Competitors**: Udemy's strategic focus on AI and the appointment of a seasoned CTO could intensify competition in the online learning and human capital management sectors, particularly in AI-driven solutions.

Next Steps

• Ozzie Goldschmied to complete his consulting period (expected by August 15, 2025).
• Udemy to complete the formation of its Canadian subsidiary.
• Udemy to transition Ozzie Goldschmied to an employee of the Canadian subsidiary, entering into an employment contract and a change in control and severance agreement.
• Eren Bali to transition to a part-time Head of Innovation role starting August 16, 2025.
• Ozzie Goldschmied's RSU grant is anticipated to occur on or before July 15, 2025.
• Ozzie Goldschmied will be eligible for future equity or long-term incentive awards starting in 2026.

Key Dates

Keywords

Udemy, Chief Technology Officer, CTO, Head of Innovation, Eren Bali, Ozzie Goldschmied, AI-powered platform, skills development, human capital management, corporate governance, executive compensation, restricted stock units, Dayforce, Ceridian, GoldenRock Inc.