UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On April 1, 2020, Western Digital Corporation (the “Company”) reorganized its management structure to have all business, operations, engineering, sales and administrative functions report directly to the Company’s Chief Executive Officer, David V. Goeckeler, who joined the Company on March 9, 2020. This flatter management structure is intended to improve organizational effectiveness, information flow and speed of decision making.
As part of this organizational change, Michael D. Cordano, President and Chief Operating Officer of the Company, is transitioning to a new role as President, Western Digital Technologies, Inc. Mr. Cordano continues to report directly to Mr. Goeckeler, and Mr. Cordano’s existing compensation and benefits remain unchanged, other than the retention agreement described below.
The Company also entered into a retention agreement with Mr. Cordano to incentivize Mr. Cordano to remain employed by the Company in his new role. Pursuant to the retention agreement, Mr. Cordano will receive a cash lump-sum payment of $75,000, subject to his continued employment through July 15, 2020, and a cash lump-sum payment of $150,000, subject to his continued employment through September 15, 2020. Mr. Cordano will also remain eligible to receive Tier I severance benefits under the Company’s Executive Severance Plan and Change of Control Severance Plan.
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/ Michael C. Ray | |
| Michael C. Ray | ||
| Executive Vice President, Chief Legal Officer and Secretary |
Date: April 3, 2020