{"schema_version":"secwatch.filing_event.v1","accession":"0001137789-23-000021","form_type":"8-K","ticker":"STX","cik":"0001137789","company_name":"Seagate Technology Holdings plc","filed_at":"2023-03-29T23:59:59+00:00","discovered_at":"2026-05-14T18:03:43.961313+00:00","generated_at":"2026-06-17T09:58:25.542169+00:00","sec_items":["2.05","5.02"],"event_type":"other_material","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Seagate expands restructuring plan, cutting 480 more jobs; EVP Ravi Naik to depart","bullets":["Expanded restructuring plan adds ~480 job cuts (1% of global headcount) across multiple functions and locations.","Total pre-tax charges estimated at $55M-$65M, including $25M-$30M cash termination costs and $25M non-cash charges.","Annualized savings of $40M-$45M expected beginning in fiscal Q4 2023; plan substantially complete by end of Q4.","Ravi Naik, EVP Storage Services, to leave effective April 3, 2023 as part of the restructuring.","Company cites macro-economic challenges and realignment of Lyve Cloud investment levels."],"urls":{"canonical":"https://secwatch.observer/filing/0001137789-23-000021","json":"https://secwatch.observer/filing/0001137789-23-000021.json","markdown":"https://secwatch.observer/filing/0001137789-23-000021.md","text":"https://secwatch.observer/filing/0001137789-23-000021.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1137789/000113778923000021/0001137789-23-000021-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1137789/000113778923000021/stx-20230329.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-17T09:58:25.542169+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"927cd52adc","claim":"Ravi Naik departed as Executive Vice President, Storage Services at Seagate Technology Holdings plc.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1137789/000113778923000021/0001137789-23-000021-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"will leave"},{"label":"Role","value":"Executive Vice President, Storage Services"}],"fact_type":"executive_change"},{"claim_id":"3e3f1deb484d85a930f967cc2a92e16af9165753","claim":"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).","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.05/2.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1137789/000113778923000021/0001137789-23-000021-index.htm","confidence":0.9,"family_label":"Restructurings & Charges","details":[{"label":"Type","value":"restructuring"},{"label":"Charge","value":"$55 million to $65 million"},{"label":"Affected area","value":"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"},{"label":"Headcount","value":"approximately 480 employees, or 1% of the global headcount"}],"fact_type":"restructuring_charge"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}