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Technology Stocks : Seagate Technology
STX 255.88-4.6%Oct 31 4:00 PM EDT
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From: Sam1/4/2016 6:12:24 PM
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Seagate consolidates roles held by two Presidents
  • Dave Mosley, Seagate's (NASDAQ: STX) President of Operations and Technology (in charge of hard drive/media manufacturing and global R&D), is now also in charge of the company's Global Markets & Customers organization (responsible for sales/marketing). He'll continue reporting to CEO Steve Luczo.
  • Rocky Pimentel, until now Seagate's President of Global Markets & Customers, will now be an EVP in charge of "a number of strategic projects within the company."
  • Luczo on Mosley's promotion: "Seagate's focus on operational efficiency in our global high technology manufacturing facilities and design centers has benefited our storage technology portfolio, competitive position and financial performance, Given these positive results, we are extending this operational efficiency into Seagate's market-facing functions to help further align our structure."
  • Luczo on Pimentel: "We're fortunate to be able to continue benefiting from [Rocky's] valuable and strategic insights and leadership as he shifts to his new role, which will give him the additional bandwidth he requested to pursue one of his passions providing strategic counsel to startup companies."
  • The shakeup comes four months after Seagate announce it's cutting ~1,050 jobs amid slumping hard drive demand (caused by PC weakness and to a lesser extent SSD encroachment).

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