SAN JOSE, Calif. - Western Digital Corp. (NASDAQ: NASDAQ:WDC) has announced significant progress in its plan to separate into two independent, publicly traded companies, focusing on its HDD and Flash businesses respectively.
The company is on track to complete the separation in the second half of 2024, with key steps including global legal entity establishment, customer and supplier contract transfers, and preparation for government filings well underway.
On October 30, 2023, Western Digital revealed its intention to create two market-specific entities to enhance strategic focus and operational efficiency. This move is expected to leverage each business's strengths, fostering innovation and extending market leadership.
Currently, Western Digital is establishing legal entities in 18 countries and finalizing preparations for SEC and IRS filings. The company is also working on contract assignments with global customers and suppliers and designing organizational structures for the future independent entities.
As part of the transition, David Goeckeler, CEO of Western Digital, has been appointed CEO Designate for the Flash spinoff company. Irving Tan, currently Executive Vice President, Global Operations, will assume the role of CEO for the standalone HDD company, which will continue to operate under the Western Digital brand.
Goeckeler praised the separation teams for their work in creating a foundation for a successful transition. He also expressed enthusiasm for the growth potential and technological advancements that the Flash business is poised to explore post-separation.
Tan's appointment as CEO of the HDD company reflects his substantial impact on global operations and his deep industry expertise. Goeckeler expressed full confidence in Tan's leadership for the future Western Digital.
Further executive appointments for both companies will be announced as decisions are made. The company will continue to update stakeholders as the separation process progresses.
This update is based on a press release statement from Western Digital.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.