Summary
Western Digital Corporation (WDC) filed an 8-K report detailing the outcomes of its Annual Stockholder Meeting held on November 16, 2022. The most significant outcomes for investors relate to the approval of amendments to the company's equity incentive and employee stock purchase plans. Specifically, stockholders approved an increase in the number of shares available under the 2021 Long-Term Incentive Plan by 2.75 million and under the 2005 Employee Stock Purchase Plan by 6 million. In addition, the report confirms the election of eight directors and the ratification of KPMG LLP as the independent registered public accounting firm for fiscal year 2023. Notably, shareholders did not approve, on an advisory basis, the named executive officer compensation as presented in the proxy statement, which may warrant further investor attention regarding executive compensation practices.
Key Highlights
- 1Stockholders approved amendments to the 2021 Long-Term Incentive Plan, increasing shares available for issuance by 2.75 million.
- 2Stockholders approved amendments to the 2005 Employee Stock Purchase Plan, increasing shares available for issuance by 6 million.
- 3All eight incumbent directors were elected to serve until the next annual meeting.
- 4The appointment of KPMG LLP as the independent registered public accounting firm for fiscal year 2023 was ratified.
- 5On an advisory basis, stockholders did *not* approve the named executive officer compensation.