Western Digital Names New CFO, Boosts Guidance
July 06 2016 - 5:50PM
Dow Jones News
Western Digital Corp. named a new chief financial officer and
increased its earnings guidance for the latest quarter.
Olivier Leonetti, CFO of the disk-drive maker since September
2014, will leave to pursue other opportunities. Mark Long will
become financial chief on Sept. 1, while remaining chief strategy
officer. Mr. Leonetti will continue in an advisory role through
Oct. 1.
Western Digital also said it expects earnings excluding items of
72 cents a share for its fourth quarter ended July 1, compared with
prior guidance of 65 cents to 70 cents. It projects revenue of
$3.46 billion, up from a previous view of $3.35 billion to $3.45
billion.
The company's shares rose 3.1% in after-hours trading to
$46.85.
Western Digital bought SanDisk in May, a big move into
flash-storage technology as disk-drive sales have been hurt by an
aging PC market. The cash-and-stock deal was worth about $19
billion when announced in October.
In its April 1 quarter, Western Digital reported lower earnings
and a revenue decline of 21%, to $2.82 billion.
Fellow disk-drive maker Seagate Technology PLC said last week
that it would cut about 1,600 jobs, or about 3% of its
workforce.
Mr. Long was with Hitachi GST when it was purchased by Western
Digital in 2012. Before joining Western Digital, Mr. Leonetti was a
vice president at Amgen Inc.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
July 06, 2016 17:35 ET (21:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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