8-KLeadership Changes

WESTERN DIGITAL CORP 8-K Report, Executive Changes (Jan 23, 2014)

Filed January 23, 2014For Securities:WDC

Summary

This Form 8-K filing from Western Digital Corporation (WDC) on January 23, 2014, reports on the determination and payout of incentive compensation for its executive officers for the six-month period ending December 27, 2013. The Compensation Committee reviewed performance against pre-established goals under the Company's Incentive Compensation Plan (ICP), which allowed for bonus awards ranging from 0% to 200% of target opportunities, with further discretionary adjustments possible. Following their assessment, the Compensation Committee approved an incremental upward adjustment to the payout rates. This resulted in specific bonus amounts for key executives: Mr. Milligan receiving $905,625, Mr. Leyden receiving $442,750, Mr. Murphy receiving $305,708, and Mr. Cordano receiving $481,250. This disclosure provides transparency on executive compensation tied to company performance during the specified period.

Key Highlights

  • 1Western Digital Corporation (WDC) filed an 8-K on January 23, 2014.
  • 2The filing pertains to executive compensation for the six-month period ending December 27, 2013.
  • 3The Compensation Committee determined and approved bonus payouts under the Incentive Compensation Plan (ICP).
  • 4Bonus awards were based on performance against pre-established goals, with a potential range of 0% to 200% of target opportunities.
  • 5An incremental upward adjustment to the payout rate was approved by the Compensation Committee.
  • 6Specific bonus amounts were disclosed for Messrs. Milligan ($905,625), Leyden ($442,750), Murphy ($305,708), and Cordano ($481,250).

Frequently Asked Questions

The primary purpose of this 8-K filing is to disclose the determination and payout of incentive bonuses to Western Digital Corporation's executive officers for the six-month performance period ending December 27, 2013.

The bonuses were calculated based on the company's performance against pre-established goals for the six-month period. The Compensation Committee had the discretion to award bonuses ranging from 0% to 200% of the executive's target bonus opportunity, and they also applied an incremental upward adjustment.

The filing specifies bonus amounts for four executive officers: Mr. Milligan received $905,625, Mr. Leyden received $442,750, Mr. Murphy received $305,708, and Mr. Cordano received $481,250.

While the specific amounts and performance period are unique to this filing, incentive compensation plans for executive officers tied to company performance are a common practice for publicly traded companies like Western Digital. This filing provides transparency on such compensation decisions.