Summary
This 8-K filing announces a significant leadership change at Western Digital Corp (WDC), with David V. Goeckeler appointed as the new Chief Executive Officer, effective March 9, 2020. Mr. Goeckeler succeeds Stephen D. Milligan, who will transition to an advisory role until his retirement in September 2020. Mr. Goeckeler brings extensive experience from Cisco Systems, Inc., where he held senior leadership positions in networking and security. The appointment is accompanied by a comprehensive compensation package designed to attract and retain Mr. Goeckeler. This includes a base salary, short-term incentive bonus opportunity, a substantial sign-on cash award, and significant equity grants in the form of restricted stock units (RSUs) and performance stock units (PSUs), with vesting tied to continued employment and company performance over a three-year period. The filing also details that Mr. Goeckeler will not receive additional annual equity awards until fiscal year 2021.
Key Highlights
- 1David V. Goeckeler appointed as new CEO, effective March 9, 2020.
- 2Stephen D. Milligan to transition to an advisory role until September 2020 retirement.
- 3Mr. Goeckeler has a strong background in technology leadership, previously serving at Cisco Systems, Inc.
- 4New CEO receives an annual base salary of $1,250,000.
- 5Significant sign-on cash award of $3,500,000 is provided, subject to clawback provisions.
- 6Substantial equity grants include $10 million in RSUs and $20.5 million in PSUs, with performance-based vesting.
- 7Mr. Goeckeler will not be eligible for additional annual equity awards until FY2021.