Western Digital CEO retiring, to be succeeded by President Steve Milligan

CEO John Coyne is retiring Jan. 2, 2013, and will be replaced by company President Steve Milligan, Irvine-based Western Digital announced Monday. Milligan, 49, was Western Digital's chief financial officer from 2004 to 2007 until he left to become the CFO of Hitachi Global Storage Technologies. He became president of Hitachi GST in 2009 until it was acquired by Western Digital in March for $4.3 billion. The purchase, which left only three major hard-disk-drive makers (Western Digital, Seagate and Toshiba), brought Milligan back to Western Digital as its president. John Coyne, CEO of Western Digital, talks to the assembled crowd at the new headquarters in September 2010. "We have a favorable view on the management-succession plan," said J.P. Morgan analyst Mark Moskowitz in a research note Monday. "With his prior tenures at both HGST and WD, (Milligan) helped lead the charge on cost-optimized platforms and operating consistency." Milligan will replace Coyne, 63, who served as CEO since January 2007 after a career at Western Digital stretching back to 1983. Milligan will retain his title as president and will be appointed to the board of directors. WDC shares Monday fell 68 cents to $41.18. In the last year, shares have ranged between $22.64 and $45.94.