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This excerpt taken from the WDC DEF 14A filed Sep 28, 2009. Executive
Summary
Western Digital is an information storage pioneer and long-time
industry leader providing products and services on a global
scale for people and organizations that collect, manage and use
digital information. Managing our global business to provide
long-term value for our stockholders requires a team of
passionate, innovative, dedicated and experienced executives.
Our overriding executive compensation philosophy is clear and
consistent — we pay for performance. Our executives
are accountable for the performance of the company and the
segments they manage and are compensated primarily based on that
performance. We believe that our executive compensation program
contributes to a high-performance culture where executives
deliver results that drive sustained growth.
Our company and our industry faced extraordinary challenges in
fiscal 2009 due to the crisis in the global financial and credit
markets. As a result of these adverse macroeconomic conditions,
in the first half of fiscal 2009 we began to experience a sharp
decline in consumer and business demand for our products and the
Table of Contents
systems that incorporate our products. To realign our cost
structure with a softer demand environment, we adopted in
December 2008 an aggressive cost restructuring plan, which
included, among other measures, voluntary,
management-recommended salary reductions for all named executive
officers. These cost-saving measures, along with our continued
commitment to operational execution and a measured return of
stability to our markets, contributed to our ability to succeed
in a depressed economic environment and to perform above
expectations during the second half of fiscal 2009, especially
in comparison to our major competitors. The global economic
challenges that surfaced during the first half of fiscal 2009
and the actions we took to succeed in the face of those
challenges in the second half of fiscal 2009 are reflected in
the compensation decisions made in fiscal 2009, as described in
more detail below.
The following discussion summarizes our fiscal 2009 executive
compensation program, including our compensation objectives and
philosophies and the processes and sources of input that were
considered in determining compensation for our named executive
officers.
This excerpt taken from the WDC DEF 14A filed Sep 23, 2008. Executive
Summary
Western Digital is an information storage pioneer and long-time
industry leader providing products and services on a global
scale for people and organizations that collect, manage and use
digital information. Managing our global business to provide
long-term value for our stockholders requires a team of
passionate, innovative, dedicated and experienced executives.
Our overriding executive compensation philosophy is clear and
consistent — we pay for performance. Our executives
are accountable for the performance of the company and the
segments they manage and are compensated primarily based on that
performance.
Fiscal 2008 was an extraordinary year for our company, with
revenue of $8.1 billion, operating income of
$1.0 billion and net income of $867 million. These
results reflect increases over the prior fiscal year of
approximately 48%, 142% and 54%, respectively. During fiscal
2008, we also achieved unit shipment growth of 38% and accretion
of our acquisition of Komag, Inc. The performance-based
components of our compensation program for fiscal 2008, which
are described in more detail below, reflect these significant
company achievements.
The following discussion summarizes our executive compensation
program, including our compensation objectives and philosophies
and the processes and sources of input that were considered in
determining compensation for our named executive officers. We
believe that our executive compensation program contributes to a
high-performance culture where executives deliver results that
drive sustained growth.
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