Western Digital Corp. Reports Board and Executive Changes
Ticker: WDC · Form: 8-K · Filed: Jan 30, 2025 · CIK: 106040
Sentiment: neutral
Topics: management-change, executive-compensation, board-of-directors
Related Tickers: WDC
TL;DR
WDG board shakeup and exec comp changes filed Jan 25.
AI Summary
Western Digital Corporation announced on January 25, 2025, changes in its board of directors and executive compensation. Specifically, the company reported the departure of certain officers and directors, the election of new directors, and updates to compensatory arrangements for its key executives. The filing details these changes as required by SEC regulations.
Why It Matters
Changes in a company's board and executive compensation can signal shifts in strategy, governance, or financial outlook, impacting investor confidence and stock performance.
Risk Assessment
Risk Level: medium — Changes in board composition and executive compensation can indicate underlying issues or strategic shifts that may affect the company's future performance and stability.
Key Players & Entities
- WESTERN DIGITAL CORPORATION (company) — Registrant
- Delaware (jurisdiction) — State of Incorporation
- January 25, 2025 (date) — Date of earliest event reported
- 5601 Great Oaks Parkway (address) — Principal Executive Offices
- San Jose, California (location) — Principal Executive Offices City and State
- 95119 (zip_code) — Principal Executive Offices Zip Code
- (408) 717-6000 (phone_number) — Registrant's Telephone Number
FAQ
What specific items are being reported in this Form 8-K?
This Form 8-K reports on the departure of directors or certain officers, the election of directors, the appointment of certain officers, and compensatory arrangements of certain officers.
What is the date of the earliest event reported in this filing?
The date of the earliest event reported is January 25, 2025.
What is the principal executive office address for Western Digital Corporation?
The principal executive office address is 5601 Great Oaks Parkway, San Jose, California, 95119.
Under which section of the Securities Exchange Act of 1934 is this report filed?
This report is filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
What is the Commission File Number for Western Digital Corporation?
The Commission File Number for Western Digital Corporation is 001-08703.
Filing Stats: 2,015 words · 8 min read · ~7 pages · Grade level 13 · Accepted 2025-01-30 16:01:35
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 Par Value Per Share WDC The Nasdaq
- $1,000,000 — n's annual base salary will increase to $1,000,000 and his target annual award opportunity
- $6,500,000 — equity award with a grant date value of $6,500,000 under the Company's annual long-term in
- $11,500,000 — al year 2026 is expected to increase to $11,500,000. Mr. Tan will also be eligible to par
Filing Documents
- d916996d8k.htm (8-K) — 40KB
- d916996dex101.htm (EX-10.1) — 78KB
- g916996g0128055737245.jpg (GRAPHIC) — 3KB
- 0001193125-25-017188.txt ( ) — 271KB
- wdc-20250125.xsd (EX-101.SCH) — 3KB
- wdc-20250125_lab.xml (EX-101.LAB) — 17KB
- wdc-20250125_pre.xml (EX-101.PRE) — 11KB
- d916996d8k_htm.xml (XML) — 3KB
Financial Statements and Exhibits
Financial Statements and Exhibits (d) Exhibits Exhibit Description 10.1 Form of Indemnification Agreement for Directors and Officers. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
Forward-Looking Statements
Forward-Looking Statements This Current Report on Form 8-K contains forward-looking statements within the meaning of federal securities laws, including statements regarding expectations about the Spin-Off and initial executive leadership appointments following the Spin-Off. These forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Key risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements include: volatility in global economic conditions and demand for the Company's products; operational, financial and legal challenges and difficulties inherent in implementing a separation of the Company's HDD and Flash businesses; inflation; increase in interest rates and economic recession; future responses to and effects of global health crises; the impact of business and market conditions; the outcome and impact of the Company's announced separation transaction, including with respect to customer and supplier relationships, regulatory and contractual restrictions, stock price volatility and the diversion of management's attention from ongoing business operations and opportunities; the impact of competitive products and pricing; the Company's development and introduction of products based on new technologies and expansion into new data storage markets; risks associated with cost saving initiatives, restructurings, acquisitions, divestitures, mergers, joint ventures and the Company's strategic relationships; difficulties or delays in manufacturing or other supply chain disruptions; hiring and retention of key employees; the Company's level of debt and other financial obligations; changes to the Company's relationships with key customers; compromise, damage or interruption from cybersecurity incidents or other
Signatures
Signatures 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 hereunto duly authorized. WESTERN DIGITAL CORPORATION By: /s/ Cynthia Tregillis Name: Cynthia Tregillis Title: Senior Vice President, Chief Legal Officer and Secretary Date: January 30, 2025