Western Digital Comments on Letter from Elliott Management
May 03 2022 - 11:28AM
Business Wire
Western Digital Corp. (“Western Digital”) (NASDAQ: WDC) today
issued the following statement regarding a letter sent by Elliott
Management to Western Digital’s Board of Directors:
“Western Digital maintains an ongoing dialogue with our
shareholders and values constructive input on our business. We
agree that Western Digital is an excellent, yet undervalued,
company with strong positions in our flash and HDD businesses and
look forward to engaging with Elliott to discuss their views. Our
Board of Directors is committed to acting in the best interests of
all our shareholders and will carefully consider Elliott’s
ideas.”
“Western Digital is a leading data infrastructure company
focused on executing its strategy to capitalize on the huge market
opportunity stemming from the rapid global adoption of the cloud
and the expansive and growing ecosystem it supports. Our end market
diversity and breadth, restructured organization, broad customer
base, channel reach and innovative product leadership all position
the company to benefit from the multi-year growth in data creation
and storage. We will continue our commitment to innovation and our
focus on delivering the quality, performance and cost-effectiveness
our customers rely on. Our CEO, David Goeckeler and the Board of
Directors have explored a range of options to unlock and deliver
long-term value and we will continue our ongoing dialogue with our
shareholders.”
About Western Digital
Western Digital is on a mission to unlock the potential of data
by harnessing the possibility to use it. With both Flash and HDD
franchises, underpinned by advancements in memory technologies, we
create breakthrough innovations and powerful data storage solutions
that enable the world to actualize its aspirations. Core to our
values, we recognize the urgency to combat climate change and have
committed to ambitious carbon reduction goals approved by the
Science Based Targets initiative. Learn more about Western Digital
and the Western Digital®, SanDisk® and WD® brands at
www.westerndigital.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of federal securities laws, including statements
regarding expectations for the company’s business outlook,
valuation and financial performance; expectations for demand
trends, product performance, product ramps and market conditions;
and expectations regarding our product portfolio and momentum.
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. Other risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in the forward-looking statements
include: future responses to and effects of the COVID-19 pandemic;
volatility in global economic conditions; impact of business and
market conditions; impact of competitive products and pricing; our
development and introduction of products based on new technologies
and expansion into new data storage markets; risks associated with
cost saving initiatives, restructurings, acquisitions,
divestitures, mergers, joint ventures and our strategic
relationships; difficulties or delays in manufacturing or other
supply chain disruptions; hiring and retention of key employees;
our substantial level of debt and other financial obligations;
changes to our relationships with key customers; disruptions in
operations from cyberattacks or other system security risks;
actions by competitors; risks associated with compliance with
changing legal and regulatory requirements and the outcome of legal
proceedings; 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-K filed with the SEC on
August 27, 2021, 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 or revise these forward-looking statements to
reflect new information or events, except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220503005973/en/
Investor: T. Peter Andrew
949.672.9655 peter.andrew@wdc.com
Media: Sard Verbinnen & Co John
Christiansen / David Isaacs / Leah Polito
WesternDigital-SVC@SARDVERB.com
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