Wednesday, March 4, 2009

Seagate 8K - VP cuts

"On March 4, 2009, in connection with the measures designed to lower the Company’s cost structure described in Item 2.05 of a Current Report on Form 8-K dated January 14, 2009, the Company announced that it will terminate the employment of five senior vice-president and seventeen vice-president level employees, representing approximately 20% of Seagate positions at or above the vice-president level. These terminations will take effect beginning on May 4, 2009, and represent steps taken by the Company to realign its overall management organization and reduce costs while increasing spans of control and decreasing management layers to support the business outlook going forward."