---
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"
generated_at: "2026-06-17T09:58:25.542169+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Seagate expands restructuring plan, cutting 480 more jobs; EVP Ravi Naik to depart

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.05, 5.02
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001137789-23-000021
- JSON: https://secwatch.observer/filing/0001137789-23-000021.json
- Plain text: https://secwatch.observer/filing/0001137789-23-000021.txt

## Key facts
- Executive change
  Ravi Naik departed as Executive Vice President, Storage Services at Seagate Technology Holdings plc.
  - Action: will leave
  - Role: Executive Vice President, Storage Services
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1137789/000113778923000021/0001137789-23-000021-index.htm
- Restructurings & Charges
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1137789/000113778923000021/0001137789-23-000021-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.