https://www.sec.gov/Archives/edgar/data/106040/000130817923001017/wdc_courtesy-pdf.pdf
Start at page 45, have a ba-f bag nearby.
14 replies (most recent on top)
Correct. The Sandisk-WD-HGST merger could have been successful but DG would have needed to bring in a TURNAROUND team, not the losers he did. He was in way over his head as were his hires. All the previous administration did was close the M&A. The real integration work was just beginning and DG clearly failed. When he realized he couldn't get it done, Elliott came in and had to force a split. We could have done that 2 years ago but DG wanted a split-merge and he failed at that. Meanwhile, he plundered the company for tens of millions in comp, duped the BoD to removing the performance clause from his sign-on award, and here we are.
@1wbu+1pwYtcm7 the failure to deliver on the promise of the SanDisk acquisition is rewarded not once, but twice
well, CEO was rewarded for the splitting of WDC into HDD and SNDK. The previous CEO was rewarded for the merge of HDD and SNDK.
agree, for years the shareholders have been the biggest losers
Nothing novel except for the fact that tens of billions of enterprise value was lost on his watch while at the same time being the most hated CEO in America. But aside from that - yeah, he's doing great.
employees take aways while executives enrich themselves, nothing novel here
After reading the link it seems like DGs 2023 $10,000,000 bonus was mostly due to 3yr average, which was high due to the semi functional company he inherited. All bonuses based on performance in 2023 were 0%.
Sad he is still being rewarded for walking through the door three years ago, rather than his actual performance.
Wow - $60M for DG over 3 years and $21M for RS. All for running their businesses into the ground. They spent the first 2 years blaming Covid and patting themselves on the back for stuff they had nothing to do with, then the last 2 years blaming the downturn and strategic review. Pathetic.
Then you'll love this - look at p58 and p50. Exec comp based on DEI and ESG goals. You wonder why executives spend so much time virtue signalling? It's because they are PAID TO.
Wrong - news of the failed merger pulled the stock down 10%, got some of it back when they announced just the split, then it went down again when they announced the convertible note. Stock price is same as a month ago. Meanwhile another layoff coming, no 401k match, etc. It also turns out DG conned the BoD into removing the performance clause from his sign-on PSU based on his claim that company performance would naturally suffer because of the strategic review, and he shouldn't be held accountable. Unbelievable. Obviously, shareholders not happy as the doc states on page 49.
Not sure the fuss? Merge didn’t go through, then DG sells off SanDisk and stock went up 15%. Should be great full.
Funny, company doing layoffs and cutting benefits while executives receiving many millions in 2022.
Are WD executives the only ones who get 401k matching?
Compensation tables start p65