Summary
Western Digital Corporation (WDC) announced a management reorganization on April 1, 2020, designed to streamline operations under the direct leadership of CEO David V. Goeckeler. This move aims to enhance organizational effectiveness, improve information flow, and accelerate decision-making by consolidating all business, operations, engineering, sales, and administrative functions to report directly to the CEO. This restructuring is a key initiative following Mr. Goeckeler's recent appointment as CEO on March 9, 2020, indicating a strong push towards a more agile and integrated operational model. As part of this reorganization, Michael D. Cordano, formerly President and Chief Operating Officer, will transition to a new position as President of Western Digital Technologies, Inc. Importantly, Mr. Cordano will continue to report directly to the CEO, and his existing compensation and benefits remain largely unchanged, with the exception of a new retention agreement. This agreement includes cash payments contingent upon his continued employment, signaling the company's intent to retain key leadership during this period of significant organizational change.
Key Highlights
- 1Management reorganization effective April 1, 2020, with all functions reporting directly to CEO David V. Goeckeler.
- 2Goal of the reorganization is to improve organizational effectiveness, information flow, and speed of decision-making.
- 3Michael D. Cordano transitions from President and COO to President, Western Digital Technologies, Inc.
- 4Mr. Cordano continues to report directly to the CEO.
- 5Mr. Cordano's existing compensation and benefits remain unchanged.
- 6A retention agreement provides Mr. Cordano with cash payments ($75,000 and $150,000) tied to continued employment through July 15 and September 15, 2020, respectively.
- 7Mr. Cordano remains eligible for Tier I severance benefits under existing plans.