Western Digital® Corp. (NASDAQ: WDC) today announced that Chairman Tom Pardun, 71, will retire after 22 years of service on its board of directors, in compliance with the company’s mandatory retirement-age policy for directors. Matthew Massengill, 54, a former chairman, president and chief executive officer of the company and a director since 2000, has been appointed to succeed Pardun as chairman. Len Lauer, 58, chairman and chief executive officer of Memjet and a Western Digital director since 2010, was named lead independent director of the WDC board. The changes will become effective at the company’s next annual meeting of shareholders in November 2015.
Pardun joined the Western Digital board in 1993 when the company's revenues stood at $938 million. He served two terms as chairman for a total of 10 years and as lead independent director for the six years between his terms as chairman.
"Western Digital shareholders have been well served by Tom Pardun’s stewardship for more than two decades," said Steve Milligan, president, chief executive officer and director. "His guidance and governance during many noteworthy stages of the company’s history have been invaluable. On behalf of fellow directors, employees and shareholders, we thank Tom for his distinguished service.
"It is a pleasure to welcome Matt Massengill back to the chairman’s role," said Milligan. "Matt’s experience and knowledge will be critical in his leadership role of our board as the company transforms itself in the evolving storage industry."
About Western Digital
Founded in 1970, Western Digital Corp. (NASDAQ: WDC), Irvine, Calif., is an industry-leading developer and manufacturer of storage solutions that enable people to create, manage, experience and preserve digital content. Its HGST and WD® subsidiaries are long-time innovators in the storage industry. Western Digital Corporation is responding to changing market needs by providing a full portfolio of compelling, high-quality storage products with effective technology deployment, high efficiency, flexibility and speed. Our products are marketed under the HGST, WD and G-Technology™ brands to OEMs, distributors, resellers, cloud infrastructure providers and consumers. Financial and investor information is available on the company’s Investor Relations website at investor.wdc.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning changes to WDC’s board composition and structure, the impact of these changes on the WDC board, the company’s transformation and the evolution of the storage industry. These forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including: volatility in global economic conditions; business conditions and growth in the storage ecosystem; pricing trends and fluctuations in average selling prices; the availability and cost of commodity materials and specialized product components; actions by competitors; unexpected advances in competing technologies; the development and introduction of products based on new technologies and expansion into new data storage markets; and other risks and uncertainties listed in the company’s filings with the Securities and Exchange Commission (the "SEC"), including the company’s Form 10-Q filed with the SEC on May 12, 2015, to which your attention is directed. You should not place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the company undertakes no obligation to update these forward-looking statements to reflect new information or events.
Western Digital, WD and the WD logo are registered trademarks in the U.S. and other countries. HGST trademarks are intended and authorized for use only in countries and jurisdictions in which HGST has obtained the rights to use, market and advertise the brand. Other marks may be mentioned herein that belong to other companies.