Seagate announces to shed 10% workforce, replaces two executives

On Monday, Tech firm Seagate announced to replace its two CEOs and now the company is also planning to shed 800 jobs that is nearly 10% of its workforce in the US. During the past few months, stock of the hard drive maker firm dropped 15% because of a considerable slowdown in tech spending all around the world.

In a staggering move, the Scotts Valley based tech firm announced that William Watkins, who had been serving as chief executive since 04, and Dave Wickersham, who was the chief operating officer and president of the company, would leave the company immediately.

Seagate also said that the company is planning for cutting its 8000 US based jobs. Currently, more than 53,000 employees are working for Seagate worldwide.

Stephen Luczo, who has been serving as the company’s CEO from 1998-04, says that soon there will be a familiar face to fill the vacant CEO slot.

Robert Whitmore, who is chief technology officer and vice president of the company, is being named for taking Wickersham’s office.

Seagate is quite well-known as the world’s biggest computer hard drive maker and has the 30% share of the worldwide hard disk drive market. But just like many other big players of the tech industry, economic slowdown has also affected Seagate business badly. Similarly, oversupply is another factor that has proved quite damaging for Seagate as well as other disk makers of the tech industry. Seagate will report its full quarterly results on 21st Jan.

Related posts brought to you by Yet Another Related Posts Plugin.

Tags: ceo, Computer, hard drive, Tech firm Seagate