Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Ravi Naik departed as Executive Vice President, Storage Services at Seagate Technology Holdings plc.
- Action
- will leave
- Role
- Executive Vice President, Storage Services
Exact text from the filing
On March 29, 2023, the Company announced that in connection with the expanded Plan, Ravi Naik, Executive Vice President, Storage Services, will leave the Company effective April 3, 2023.
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Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Seagate Technology Holdings plc announced a restructuring with charges of $55 million to $65 million affecting multiple functions and locations throughout the Company, and include aligning its Lyve Edge-to-Cloud Mass Storage Platform business plan to near-term market conditions and reducing Lyve Cloud investme (approximately 480 employees, or 1% of the global headcount).
- Type
- restructuring
- Charge
- $55 million to $65 million
- Affected area
- multiple functions and locations throughout the Company, and include aligning its Lyve Edge-to-Cloud Mass Storage Platform business plan to near-term market conditions and reducing Lyve Cloud investme
- Headcount
- approximately 480 employees, or 1% of the global headcount
Exact text from the filing
challenges. Th is expan sion of the Plan is expected to be substantially completed by the end of the fiscal fourth quarter 2023 and result in total pre-tax charges between $55 million to $65 million, consisting of cash expenditures between $25 million to $30 million for employee termination costs and $5 million to $10 million for other related exit costs, as
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