Summary
Western Digital Corporation (WDC) announced a significant executive change in its 8-K filing dated April 18, 2019. The company has appointed Robert K. Eulau as its new Executive Vice President and Chief Financial Officer (CFO), effective May 9, 2019. Mr. Eulau brings extensive financial leadership experience from his previous roles at Sanmina Corporation, Alien Technology Corporation, Rambus Inc., and Hewlett Packard Company, including prior CFO positions. This appointment is a key event for investors, signaling a change in financial leadership within the organization. The filing details Mr. Eulau's compensation package, which includes a base salary, bonus opportunities, a signing bonus, and substantial equity awards in the form of restricted stock units and performance stock units, reflecting the company's investment in experienced financial leadership. The transition is expected to be smooth, with Mr. Eulau joining the company on April 22, 2019, to facilitate a handover.
Key Highlights
- 1Appointment of Robert K. Eulau as Executive Vice President and Chief Financial Officer (CFO), effective May 9, 2019.
- 2Mr. Eulau possesses significant prior financial leadership experience, including CFO roles at Sanmina Corporation and Rambus Inc.
- 3Mr. Eulau's compensation includes an annual base salary of $700,000 and a target annual bonus of 110% of base salary.
- 4A signing bonus of $500,000 is included, payable in two installments.
- 5Mr. Eulau will receive a $2,000,000 restricted stock unit (RSU) award on April 22, 2019, vesting over four years.
- 6Potential for additional long-term incentive awards for fiscal year 2020, valued at approximately $4,000,000, with both time-based and performance-based vesting.
- 7The filing confirms no undisclosed arrangements or conflicts of interest regarding Mr. Eulau's appointment.