S&P Global (SPGI) said late Wednesday SanDisk (SNDK) will replace Leslie (LESL) in the S&P SmallCap 600, effective Feb. 25, because the latter's market capitalization is "no longer" representative of the small-cap market space.

S&P 500 constituent Western Digital (WDC) is spinning off SanDisk in a transaction likely to be completed on Feb. 24, according to the S&P statement. Western Digital will remain in the S&P 500 following the spin-off.