It’s been a good run for Matt Massengill as chief executive of Lake Forest-based disk drive maker Western Digital Corp.
Still, the company hasn’t said exactly why the 44-year-old Massengill, who’s been with the company off and on since the 1980s, decided to step down as chief executive, effective Oct. 1.
Massengill is set to stay on as executive chairman “and in relationships with shareholders and other strategic constituents,” according to a Western Digital statement.
Arif Shakeel, Western Digital’s chief operating officer and Massengill’s right-hand man, is set to become chief executive.
Massengill has overseen a turnaround of Western Digital, boosting production in Asia and going after new markets, including drives for consumer electronics and portable computers.
In the past year, the company’s shares have nearly doubled, outpacing rivals Seagate Technology and Maxtor Corp.
Little wonder Massengill’s step back raised a few eyebrows on Wall Street and has analysts wondering why.
For more on this story, see the Sept. 5 edition of the Business Journal.
