| Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On January 30, 2025, the Board of Directors of Western Digital Corporation (the “Company”) unanimously appointed Don R. Bennett as Interim Chief Financial Officer of the Company effective as of February 28, 2025, which is the date that Wissam G. Jabre will cease to be the Company’s Chief Financial Officer (the “Effective Date”). Mr. Bennett will also assume the role of principal financial officer from Mr. Jabre at that time.
Mr. Bennett, 55, has served as the Company’s Senior Vice President, Finance, and Chief Financial Officer of the Company’s hard disk drive (“HDD”) business since November 2020. From 2017 to November 2020, he served as the Company’s Vice President II, Finance, Global Real Estate Operations and Finance Transformation. Since joining the Company in 1995, Mr. Bennett has also served in various positions of increasing responsibility in finance, marketing, operations, corporate development and strategy, focusing on the Company’s HDD business.
In connection with his appointment as the Company’s Interim Chief Financial Officer, Mr. Bennett will receive a temporary annual base salary of $525,000 and a temporary annual target incentive award opportunity under the Company’s short-term incentive plan in the amount of 120% of annual base salary, each for the period starting on the Effective Date and ending on the date that is three months after Mr. Bennett ceases to serve as the Company’s Interim Chief Financial Officer.
In accordance with the Company’s customary practice, the Company will enter into its standard form of indemnification agreement with Mr. Bennett, which agreement has previously been filed with the Securities and Exchange Commission. Mr. Bennett will also be eligible to participate in the Company’s Executive Severance Plan, Change in Control Plan and other benefit programs generally available to the Company’s executive officers.
There are no arrangements or understandings between Mr. Bennett and any other person pursuant to which Mr. Bennett was appointed to serve as the Company’s Interim Chief Financial Officer. There are no family relationships between Mr. Bennett and any director or executive officer of the Company.
