Western Digital Authorizes Share Repurchase Program

Western Digital Corp. announced that its Board of Directors has authorized a new $2.0 billion share repurchase program.

The repurchase authorization is effective immediately. Share repurchases may be made on the open market or in privately negotiated transactions and may be made pursuant to a Rule 10b5-1 plan.

“The share repurchase program underscores our strong confidence in Western Digital’s future, the depth of our product portfolio, and the long-term value we see in our business,” said Irving Tan, CEO, Western Digital. “At our Investor Day, we laid out the three pillars of our shareholder-friendly capital allocation strategy: reinvesting in the business, reducing debt, and returning capital to shareholders. Following the recently announced initiation of our quarterly dividend, this repurchase program represents another key step in delivering long-term value for our shareholders.“

The amount and timing of share repurchases will depend on market conditions and other corporate considerations. The company may suspend or discontinue the share repurchase program at any time.