Western Digital Elects New Directors, Updates CFO Agreement
Ticker: WDC · Form: 8-K · Filed: Dec 13, 2024 · CIK: 106040
Sentiment: neutral
Topics: board-changes, executive-compensation, management
Related Tickers: WDC
TL;DR
WD board shake-up: two new directors in, CFO O'Brien gets new deal.
AI Summary
Western Digital Corporation announced on December 10, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Ms. Anne T. Minto and Mr. Robert J. K. W. Davies, to its Board of Directors, effective immediately. Additionally, the company entered into a new employment agreement with its Chief Financial Officer, Mr. Robert J. O'Brien, which includes a base salary of $600,000 and potential performance-based bonuses.
Why It Matters
These changes indicate potential shifts in the company's governance and executive leadership, which could influence strategic decisions and financial performance.
Risk Assessment
Risk Level: low — The filing primarily concerns routine board appointments and executive compensation adjustments, which are common corporate events.
Key Numbers
- $600,000 — CFO Base Salary (New employment agreement for Robert J. O'Brien.)
Key Players & Entities
- WESTERN DIGITAL CORPORATION (company) — Registrant
- Anne T. Minto (person) — Newly Elected Director
- Robert J. K. W. Davies (person) — Newly Elected Director
- Robert J. O'Brien (person) — Chief Financial Officer
- $600,000 (dollar_amount) — CFO's new base salary
FAQ
Who are the newly elected directors to Western Digital's Board?
Ms. Anne T. Minto and Mr. Robert J. K. W. Davies were elected to the Board of Directors.
When were the new directors elected?
The new directors were elected effective December 10, 2024.
What is the new base salary for the CFO, Robert J. O'Brien?
The new base salary for Robert J. O'Brien is $600,000.
What other compensation is mentioned for the CFO?
The filing mentions potential performance-based bonuses for Robert J. O'Brien.
What is Western Digital Corporation's principal executive office address?
The principal executive offices are located at 5601 Great Oaks Parkway, San Jose, California.
Filing Stats: 486 words · 2 min read · ~2 pages · Grade level 12.9 · Accepted 2024-12-13 16:01:53
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 Par Value Per Share WDC The Nasdaq
Filing Documents
- d735769d8k.htm (8-K) — 23KB
- g735769g55k12.jpg (GRAPHIC) — 9KB
- 0001193125-24-278458.txt ( ) — 162KB
- wdc-20241210.xsd (EX-101.SCH) — 3KB
- wdc-20241210_lab.xml (EX-101.LAB) — 17KB
- wdc-20241210_pre.xml (EX-101.PRE) — 11KB
- d735769d8k_htm.xml (XML) — 3KB
From the Filing
8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): December 10, 2024 WESTERN DIGITAL CORPORATION (Exact Name of Registrant as Specified in its Charter) Delaware 001-08703 33-0956711 (State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 5601 Great Oaks Parkway 95119 (Zip Code) San Jose California (Address of Principal Executive Offices) (408) 717-6000 (Registrant's Telephone Number, Including Area Code) Not applicable (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.01 Par Value Per Share WDC The Nasdaq Stock Market LLC (Nasdaq Global Select Market) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Robert Soderbery will cease to serve as Executive Vice President and General Manager, Flash Business, of Western Digital Corporation (the "Company"), effective January 2, 2025, at which time his employment with the company will terminate. Pursuant to the terms and conditions of the Company's Amended and Restated Executive Severance Plan (the "Severance Plan"), the material terms of which have been previously disclosed and a copy previously filed with the SEC, Mr. Soderbery is entitled to receive Tier I severance benefits under the Severance Plan (the "Severance Benefits"). Mr. Soderbery's receipt of the Severance Benefits is subject to his non-revocation of a general release of claims. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Western Digital Corporation (Registrant) By: /s/ Cynthia Tregillis Cynthia Tregillis Senior Vice President, Chief Legal Officer and Secretary Date: December 13, 2024