Summary
Western Digital Corporation (WDC) filed an 8-K report on August 31, 2010, to announce a significant change in its Board of Directors. The company appointed Len J. Lauer as a new director, effective immediately. Mr. Lauer also joined the Compensation Committee, indicating his involvement in key governance and executive compensation matters. This appointment is notable as it involves standard director compensation and indemnity agreements, aligning with the company's established practices. The announcement was made via a press release, attached as an exhibit to this filing, ensuring transparency with investors. The inclusion of Mr. Lauer is expected to bring fresh perspectives and expertise to the board.
Key Highlights
- 1Len J. Lauer appointed to Western Digital's Board of Directors.
- 2Mr. Lauer also appointed to the Compensation Committee of the Board.
- 3No undisclosed arrangements or material indirect interests exist concerning Mr. Lauer's appointment.
- 4Director compensation will follow the company's standard non-employee director program.
- 5Standard indemnity agreement to be entered into with Mr. Lauer for director service.
- 6The appointment was announced via a press release dated August 31, 2010.
- 7The filing is primarily administrative, confirming a board change and its related procedural elements.
Frequently Asked Questions
Len J. Lauer has been appointed as a new director to Western Digital Corporation's Board of Directors and concurrently appointed to the Compensation Committee. His appointment is effective August 31, 2010.
Mr. Lauer will receive compensation in accordance with Western Digital's standard compensation program for non-employee directors, as previously detailed in the company's Form 10-K.
The filing states there are no arrangements or understandings between Mr. Lauer and any other person concerning his appointment, nor does he have any direct or indirect material interest in any transaction requiring disclosure.
The indemnity agreement is a standard legal document that protects directors like Mr. Lauer by indemnifying them against certain liabilities that may arise from their service as a director, aligning with customary corporate governance practices.