Western Digital Corp. today announced that Steve Milligan, chief executive officer and a member of the Western Digital Board of Directors since January 2013, has informed the Board that he intends to retire as the company’s CEO.
Milligan will continue to serve as CEO until WD's board has identified and appointed a successor, and then will remain with the company in an advisory role until September 2020 to ensure a smooth transition. He will also remain a director on the company’s board for a transition period after his successor is appointed.
Steve Milligan has driven the execution of many key strategic initiatives, including WD’s acquisition of SanDisk, the integration of Western Digital, HGST and SanDisk, as well as the extension of Western Digital’s 19-year partnership with Kioxia (formerly Toshiba Memory Corporation).
Western Digital also today announced its financial results for the first quarter of fiscal 2020 and its business outlook for the second quarter of fiscal 2020.
The company reported revenue of $4.0 billion for its first fiscal quarter ended October 4, 2019. The operating loss was $129 million with a net loss of $276 million, or ($0.93) per share. Excluding certain non-GAAP adjustments, the company achieved non-GAAP operating income of $235 million and non-GAAP net income of $101 million, or $0.34 per share.
In the year-ago quarter, the company reported revenue of $5.0 billion, operating income of $686 million and net income of $511 million, or $1.71 per share.
The company generated $253 million in cash from operations during the first fiscal quarter of 2020, and ended the quarter with $3.2 billion of total cash and cash equivalents.
“Fiscal year 2020 is off to a good start. The continued success of our capacity enterprise drives for the data center was the primary driver of the upside we experienced in the fiscal first quarter,” said Steve Milligan. “The overall demand environment remains solid. We continue to believe the flash industry has passed a cyclical trough, with improving trends across our flash product portfolio. With a broad and growing product portfolio, Western Digital remains well positioned to benefit from the long-term drivers of the growth and value of data.”