---
schema_version: "secwatch.filing_event.v1"
accession: "0001137789-23-000025"
form_type: "8-K"
ticker: "STX"
cik: "0001137789"
company_name: "Seagate Technology Holdings plc"
filed_at: "2023-04-20T23:59:59+00:00"
generated_at: "2026-06-16T22:15:13.435597+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "medium"
source: SEC EDGAR
---

# Seagate approves $150M restructuring plan, CEO/CFO take 100% pay cut, EVP departs

## Summary
- 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.

## SEC filing metadata
- accession: 0001137789-23-000025
- form_type: 8-K
- ticker: STX
- cik: 0001137789
- company_name: Seagate Technology Holdings plc
- filed_at: 2023-04-20T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: medium
- sec_items: 2.02, 2.05, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1137789/000113778923000025/0001137789-23-000025-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1137789/000113778923000025/stx-20230420.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001137789-23-000025
- JSON: https://secwatch.observer/filing/0001137789-23-000025.json
- Plain text: https://secwatch.observer/filing/0001137789-23-000025.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1137789/000113778923000025/0001137789-23-000025-index.htm
- Executive change
  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
  source text: Jeffrey D. Nygaard, Executive Vice President of Operations and Technology, will leave the Company effective May 1, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1137789/000113778923000025/0001137789-23-000025-index.htm
- Restructurings & Charges
  Seagate Technology Holdings plc announced a restructuring with charges of approximately $150 million.
  - Type: restructuring
  - Charge: approximately $150 million
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1137789/000113778923000025/0001137789-23-000025-index.htm

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