Seagate Technology Holdings plc (STX): restructuring charge — Seagate approves $150M restructuring plan, CEO/CFO take 100% pay cut, EVP departs

Seagate Technology Holdings plc

Restructuring plan approved: ~$150M pre-tax charges, primarily severance; expected annualized savings of ~$200M starting Q1 FY2024.
CEO William Mosley and CFO Gianluca Romano base salary reduced 100% for 6 months; CCO Ban Seng Teh reduced 50%, effective May 1.
EVP Operations & Technology Jeffrey Nygaard departing effective May 1, 2023.
Quarterly cash dividend of $0.70 per share declared, payable July 5 to holders of record June 21.
Fiscal Q3 2023 earnings results announced in separate press release; specific figures not included in filing body.

item 2.02 item 2.05 item 5.02 item 7.01 item 9.01

Executive movements

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Departed

Jeffrey D. Nygaard

Executive Vice President of Operations and Technology

STX · Seagate Technology Holdings plc

Effective: 2023-05-01
Filed: April 20, 2023, 7:59 PM ET

Jeffrey D. Nygaard, Executive Vice President of Operations and Technology, will leave the Company effective May 1, 2023.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Seagate Technology Holdings plc reported financial results for the fiscal third quarter ended March 31, 2023.

Period: the fiscal third quarter ended March 31, 2023
Result: reported results

Exact text from the filing

On April 20, 2023 , Seagate Technology Holdings plc (the “Company” or “Seagate”) issued a press release reporting its financial results for the fiscal third quarter ended March 31, 2023.

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Executive change SEC 8-K Item 5.02 confidence 1.0

Jeffrey D. Nygaard departed as Executive Vice President of Operations and Technology at Seagate Technology Holdings plc.

Action: will leave
Role: Executive Vice President of Operations and Technology

Exact text from the filing

Jeffrey D. Nygaard, Executive Vice President of Operations and Technology, will leave the Company effective May 1, 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 approximately $150 million.

Type: restructuring
Charge: approximately $150 million

Exact text from the filing

The Plan, which the Company expects to be substantially completed by the end of the fiscal fourth quarter 2023, is expected to result in total pre-tax charges of approximately $150 million. The charges are expected to be primarily cash-based and consist of employee severance and other one-time termination benefits. The Company expects to realize run-rate savings of

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8 earnings releases filed in the last 30 days. Browse all earnings releases →

Seagate Technology Holdings plc filing history →

Source: SEC EDGAR

accession 0001137789-23-000025

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