Western Digital Corp. 8-K Summary
Business Context and Reporting Period
This Form 8-K Current Report was filed by Western Digital Corporation on February 3, 2025, regarding an event dated January 30, 2025. The filing addresses a change in senior executive leadership within the finance department.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and associated compensation arrangements.
Material Changes
The primary material change is the appointment of Don R. Bennett as Interim Chief Financial Officer (CFO), effective February 28, 2025. This coincides with the departure of the current CFO, Wissam G. Jabre. Mr. Bennett will also assume the role of principal financial officer.
Management Commentary and Compensation
- Appointment Details: Don R. Bennett, 55, has served as Senior Vice President, Finance, and CFO of the HDD business since November 2020. He has been with the company since 1995.
- Compensation: For the interim period (starting February 28, 2025, and ending three months after he ceases to serve), Mr. Bennett will receive a temporary annual base salary of $525,000.
- Incentives: He is eligible for a temporary annual target incentive award of 120% of his annual base salary under the short-term incentive plan.
- Benefits: Mr. Bennett will receive a standard indemnification agreement and is eligible for the Executive Severance Plan, Change in Control Plan, and other standard executive benefit programs.
- Relationships: The filing states there are no family relationships between Mr. Bennett and any director or executive officer, and no undisclosed arrangements influenced his appointment.
Investor Verification Checklist
- Confirm the exact date Wissam G. Jabre ceases to serve as CFO (stated as February 28, 2025).
- Verify the duration of the "interim" period for Don R. Bennett's role and compensation.
- Review the company's standard indemnification agreement and Executive Severance Plan terms for specific payout triggers.
- Monitor for a subsequent filing regarding the permanent appointment of a CFO if the interim period concludes without a permanent replacement.