-=Western Digital (WDC) reported earnings on Wed 30 Oct 19 (a/h)

Western Digital CEO, Steve Milligan, to retire

Milligan will continue to serve as CEO until the Board has identified and appointed a successor, and then will remain with the Company in an advisory role until September 2020 to ensure a smooth transition. He will also remain a director on the Company's Board for a transition period after his successor is appointed.

The Board has initiated a search to identify Western Digital's next CEO, and has engaged Heidrick & Struggles, a leading executive search firm, to assist in the process. In order to facilitate a comprehensive process, the Board will evaluate both internal and external candidates.

Western Digital beats by $0.04, beats on revs; guides DecQ EPS below consensus, revs in-line; CEO to retire; continues to believe the flash industry has passed a cyclical trough

Reports Q1 (Sep) earnings of $0.34 per share, excluding non-recurring items, $0.04 better than the S&P Capital IQ Consensus of $0.30 and vs prior guidance of $0.15-0.35; revenues fell 19.6% year/year to $4.04 bln vs the $3.92 bln S&P Capital IQ Consensus and vs prior guidance of $3.80-4.00 bln.

Co issues guidance for Q2 (Dec), sees EPS of $0.45-0.65, excluding non-recurring items, vs. $0.75 S&P Capital IQ Consensus; sees Q2 revs of $4.10-4.30 bln vs. $4.20 bln S&P Capital IQ Consensus.

Co announces that CEO Steve Milligan has informed the Board that he intends to retire as CEO. Milligan will continue to serve as CEO until the Board has identified and appointed a successor, and then will remain with the company in an advisory role until September 2020 to ensure a smooth transition. He will also remain a director for a transition period after his successor is appointed.

The Board has initiated a search to identify Western Digital's next CEO, and has engaged Heidrick & Struggles, a leading executive search firm, to assist in the process. The Board will evaluate both internal and external candidates.

"The overall demand environment remains solid. We continue to believe the flash industry has passed a cyclical trough, with improving trends across our flash product portfolio. With a broad and growing product portfolio, Western Digital remains well positioned to benefit from the long-term drivers of the growth and value of data."