Steve Milligan
President and CEO, Western Digital
This morning Barclays Capital upgraded Western Digital stock to “overweight,” citing two potential growth catalysts including increased cash returns and a lifting of MOFCOM’s hold separate decision. A financial news website subsequently mischaracterized the report, suggesting that MOFCOM has already approved Western Digital’s request to integrate the business operations of WD and HGST. I want to clarify that no such decision has been made and we continue to operate as two independent subsidiaries.
As I indicated in the Q3 employee meeting, we will communicate any MOFCOM-related updates as they become available. In the meantime, I encourage you to avoid being distracted by rumor and speculation. It’s critically important that everyone is focused on achieving our goals for the quarter, and I sincerely appreciate your support in this regard.
Steve