Investing.com -- Shares in Western Digital Corporation (NASDAQ:WDC) jumped 4% in after-hours after the California-based computer data storage company raised its fourth quarter earnings outlook and announced a chief financial officer transition plan on Wednesday.
Western Digital shares popped shortly after the company named Mark Long as its new CFO, effective Sept. 1, succeeding Olivier Leonetti, who is leaving the company to pursue other opportunities. Leonetti will remain with the company through the first of September and will oversee the company's fiscal year-end reporting requirements, Western Digital said in a statement. He will also continue in an advisory role to CEO Steve Milligan until October 1.
"The company is going through a strategic and organizational transformation with the integration of our HGST and WD subsidiaries as well as integrating the recently completed acquisition of SanDisk," Milligan said in a statement. "Although in the early stages, we are already seeing the benefits of these strategic steps."
"As we build on our strategy-driven focus in a tightly integrated manner, it is the right time to combine the strategy and finance organizations and Mark Long is the right leader of this integrated team, with his extensive experience in financial and strategic planning. Olivier made a tremendous contribution to Western Digital in nearly two years as CFO. He played a key role through the successful planning, financing and completion of the SanDisk acquisition."
Leonetti joined Western Digital in September, 2014 as CFO following a three-and-a-half year stint as Vice President, finance, global commercial at Amgen (NASDAQ:AMGN). Previously, Leonetti served in a variety of senior finance positions at Dell from July, 1997 through April, 2011.
"I am proud of what we have accomplished at Western Digital, particularly the successful completion of the transaction with SanDisk,” Leonetti said. “Western Digital has a first-class executive team and I am confident that the finance and strategy organization is in good hands with Mark."
Also on Wednesday, Western Digital rose its fourth-quarter earnings per share guidance to 0.72 from a previous range of 0.65 to 0.70. The company also increased its quarterly revenue estimate to $3.46 billion from a range of $3.35 to $3.45 billion.
Shares in Western Digital rose 2.02 to 4.44% to 47.48 in after-hours trading.