Steve Luczo CEO of Seagate

Seagate Technology announced that its Board of Directors has unanimously appointed Stephen J. Luczo, 51, the Company’s Chairman, as President and Chief Executive Officer, effective immediately. Mr. Luczo will continue to serve as Chairman of the Board of Directors.

Steve Luczo

Mr. Luczo succeeds William D. Watkins, 55, as Chief Executive Officer. Mr. Watkins will be advising Mr. Luczo in order to ensure a smooth transition. In addition, Messrs. Luczo and Watkins will confer over the next week to determine what role, if any, Mr. Watkins will have at the Company going forward.

Bill Watkins

"We are fortunate to have a leader of Steve’s vision and experience," said Lydia M. Marshall, Lead Independent Director and Chair of the Nominating and Corporate Governance Committee. "Steve’s significant understanding of Seagate’s business and technology, and the customer and employee relationships that he built over his 15 year career at Seagate make Steve the ideal person to lead our Company at this time."

Mr. Luczo said: "Seagate is a strong company and we are making measurable progress toward regaining our longstanding product leadership position across all markets. I look forward to working closely with Seagate’s talented employees around the world to build upon our success and accelerate the improvements we are making in our business."

On behalf of Seagate’s Board of Directors, Mr. Luczo added: "I want to take this opportunity to thank Bill Watkins for his commitment to Seagate. Since first joining Seagate more than 12 years ago, Bill has made many significant contributions to our Company through his dedication, knowledge and leadership."

Mr. Luczo has held various senior management positions at Seagate over the last 15 years. He currently serves as the Company’s Chairman of the Board, a position he has held since June 2002. He served as Chief Executive Officer of Seagate’s predecessor, Seagate Technology, Inc., from July 1998 until July 2004. During this time, Mr. Luczo successfully led the Company’s privatization in 2000 and subsequent public offering in 2002, and Seagate announced some of the most important new products in the Company’s history. Mr. Luczo joined Seagate in October 1993 as Senior Vice President of Corporate Development and later served as President and Chief Operating Officer from September 1997 until being appointed CEO.

Comments

In a recent SEC filing, Seagate also announced that David A. Wickersham resigned from his employment as President and Chief Operating Officer of Seagate, effective January 12, 2009.

Dave Wickersham

Robert Whitmore, 46 years of age, Seagate’s Executive Vice President and Chief Technology Officer, will assume the additional responsibilities previously performed by Mr. Wickersham, effectively immediately. Mr. Whitmore has served as Executive Vice President and Chief Technology Officer since 2007. Prior to that he was Executive Vice President, Product and Process Development from 2006 to 2007; Senior Vice President, Product and Process Development from 2004 to 2006; Senior Vice President, Product Development Engineering from 2002 to 2004; Vice President, Enterprise Storage Design Engineering from 1999 to 2002, Vice President and Executive Director, Twin Cities Manufacturing Operations from 1997 to 1999; Senior Director, Manufacturing Engineering, Singapore Operations from 1995 to 1997; and Senior Manager, Design Engineering, Twin Cities Division from 1992 to 1995. Mr. Whitmore’s salary and bonus opportunity are not changed at this time.

Bob Whitmore

Seagate plans to reduce approximately 10-percent of its U.S. workforce in a restructuring program to be announced later this month, when it has notified the effected employees. This restructuring will impact a broad range of departments, including research and development, and is being done in response to the current economic environment.

(About 8,000 of 54,000 Seagate employees are based in the US. Ed.)