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Western Digital Corporation (Form: 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):   November 21, 2005

Western Digital Corporation
__________________________________________
(Exact name of registrant as specified in its charter)

     
Delaware 001-08703 33-0956711
_____________________
(State or other jurisdiction 		_____________
(Commission 		______________
(I.R.S. Employer
of incorporation) File Number) Identification No.)
      
20511 Lake Forest Drive, Lake Forest, California   92630
_________________________________
(Address of principal executive offices) 		  ___________
(Zip Code)
     
Registrant’s telephone number, including area code:   (949) 672-7000

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:

[  ]  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))

Top of the Form

Item 7.01 Regulation FD Disclosure.

On November 21, 2005, Western Digital Corporation announced the appointment of John Coyne as Chief Operations Officer. A copy of the press release making this announcement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Also on November 21, 2005, Western Digital Corporation announced that its Board of Directors has authorized the repurchase of an additional $150 million of its common stock. A copy of the press release making this announcement is attached hereto as Exhibit 99.2 and is incorporated herein by reference.





Item 9.01 Financial Statements and Exhibits.

(c) Exhibits

99.1 Press Release issued by Western Digital Corporation on November 21, 2005, announcing the appointment of John Coyne as Chief Operations Officer.

99.2 Press Release issued by Western Digital Corporation on November 21, 2005, announcing an additional $150 million common stock repurchase authorization.





Top of the Form

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
          
November 21, 2005   By:   Raymond M. Bukaty
       
        Name: Raymond M. Bukaty
        Title: Senior Vice President, Administration, General Counsel and Secretary

Top of the Form

Exhibit Index


     
Exhibit No.   Description
 
99.1
  Press Release issued by Western Digital Corporation on November 21, 2005, announcing the appointment of John Coyne as Chief Operations Officer.
99.2
  Press Release issued by Western Digital Corporation on November 21, 2005, announcing an additional $150 million common stock repurchase authorization.
EX-99.1

Company contacts:
Bob Blair
Investor Relations
949.672.7834
robert.blair@wdc.com

Steve Shattuck
Public Relations
949.672.7817
steve.shattuck@wdc.com

FOR IMMEDIATE RELEASE:

JOHN COYNE APPOINTED CHIEF OPERATIONS OFFICER
AT WESTERN DIGITAL

LAKE FOREST, Calif.—Nov. 21, 2005—Western Digital Corp. (NYSE:WDC) today announced the appointment of John Coyne as chief operations officer. Coyne, 55, retains the title of executive vice president.

Reporting to Arif Shakeel, Western Digital president and chief executive officer, Coyne is responsible for all aspects of the company’s operations. He is a 34-year veteran of international electronics business, dedicating more than 20 years to WD. He was named executive vice president of worldwide operations in June 2005, with worldwide responsibility for business operations, hard drive and head manufacturing, materials and IT. He now assumes additional responsibility for product development and programs. He had served as senior vice president, worldwide operations since 2000 with responsibility for hard drive manufacturing operations.

Coyne has been instrumental in establishing WD as one of the industry’s highest quality and most efficient hard drive makers with its worldwide manufacturing operations in Malaysia, Thailand and northern California. He first joined WD in 1983, when he established a controller board manufacturing facility in his native Ireland. Coyne holds a bachelor’s degree in mechanical engineering from University College Dublin, Ireland.

Shakeel described Coyne as “an outstanding operations executive whose accomplishments at WD have been instrumental in our sustained profitability and growth into one of the leaders in the hard drive industry. His passionate focus on customer needs and his ability to create and lead world-class teams toward addressing those needs have been critical to our success.”

About WD

WD, one of the storage industry’s pioneers and long-time leaders, provides products and services for people and organizations that collect, manage and use digital information. The company produces reliable, high-performance hard drives that keep users’ data close-at-hand and secure from loss.

WD was founded in 1970. The company’s storage products are marketed to leading systems manufacturers and selected resellers under the Western Digital and WD brand names. Visit the Investor section of the company’s Web site (www.westerndigital.com) to access a variety of financial and investor information.

###

Western Digital is a registered trademark, and WD and the Western Digital logo are trademarks of Western Digital Technologies, Inc. All other trademarks herein are property of their respective owner.

EX-99.2

Company contacts:
Bob Blair
Investor Relations
949.672.7834
robert.blair@wdc.com

Steve Shattuck
Public Relations
949.672.7817
steve.shattuck@wdc.com

FOR IMMEDIATE RELEASE:

WD ANNOUNCES ADDITIONAL $150 MILLION COMMON STOCK
REPURCHASE AUTHORIZATION

LAKE FOREST, Calif.—Nov. 21, 2005—Western Digital Corp. (NYSE: WDC) today announced that its board of directors has authorized an additional $150 million common stock repurchase program. Since May 2004, under a $100 million purchase authorization, the company has repurchased approximately 8.78 million shares at an average price of $9.88 per share for approximately $87 million. The new $150 million authorization is in addition to the original $100 million authorization and is effective immediately. The amount of purchases will depend on market conditions and corporate considerations. Share repurchases will be made on the open market.

“We believe that Western Digital’s stock is a compelling investment,” said Arif Shakeel, president and chief executive officer. “Our sustained strong financial performance has allowed us to generate substantial amounts of free cash flow even while investing heavily in our operations, technology and in several new market entries such as 2.5-inch mobile and 1-inch handheld drives. The additional authorization reflects our confidence in the company’s financial strength, its future and our commitment to enhancing shareholder value.”

As of the end of its first fiscal quarter on Sept. 30, 2005, the company had approximately 216 million shares outstanding. The company may suspend or discontinue the program at any time.

About WD

WD, one of the storage industry’s pioneers and long-time leaders, provides products and services for people and organizations that collect, manage and use digital information. The company produces reliable, high-performance hard drives that keep users’ data close-at-hand and secure from loss.

WD was founded in 1970. The company’s storage products are marketed to leading systems manufacturers and selected resellers under the Western Digital and WD brand names. Visit the Investor section of the company’s Web site (www.westerndigital.com) to access a variety of financial and investor information.

This press release contains forward-looking statements, including statements relating to WD’s belief that the repurchase of its common stock represents a compelling investment. The forward-looking statements are based on current management expectations, and actual results may differ materially as a result of several factors, including: pricing trends and fluctuations in average selling prices (ASPs); actions by competitors; changes in the availability and cost of specialized product components; supply and demand conditions in the hard drive industry and business conditions generally; changes in product and customer mix; uncertainties related to the development and introduction of products based on new technologies and successful expansion into new hard drive markets; and other risks and uncertainties listed in WD’s recent SEC filings, including its Form 10-Q for the first fiscal quarter of fiscal 2006. WD undertakes no obligation to update these forward-looking statements to reflect new information or events or for any other reason.

###

Western Digital is a registered trademark, and WD and the Western Digital logo are trademarks of Western Digital Technologies, Inc.