Stephen J. Luczo Elected Chief Executive Officer of Seagate Technology
PR Newswire, Tuesday, July 21, 1998 at 08:45
SCOTTS VALLEY, Calif., July 21 /PRNewswire/ -- Seagate Technology, Inc.
(NYSE:SEG) today announced that Stephen J. Luczo, President and Chief
Operating Officer, has been elected Chief Executive Officer and appointed as a
member of its Board of Directors. Alan Shugart will be leaving Seagate at the
request of the Company's Board of Directors. The Board requested Mr.
Shugart's retirement from the Company, citing that the time had come to make a
change in the leadership of the Company.
On behalf of the entire Board of Directors, Larry Perlman said, "Under
Al's leadership, Seagate has become the clear leader in disc drives and
components, with the industry's largest market share, highest revenues,
broadest product offering and technology ownership in key storage components.
Given Al's total dedication and contribution to all aspects of Seagate's
success, it is difficult to adequately and appropriately articulate our
appreciation for his efforts. His contributions to this organization and to
the industry will endure."
"On behalf of all Seagate employees, customers and suppliers, I wish to
thank Al for the leadership, effort and accomplishments he has displayed
throughout his career," commented Mr. Luczo. "Seagate is well positioned to
continue its leadership as a result of our strong management capabilities and
employee base, technology ownership, manufacturing expertise and significant
financial resources. It is a privilege to be called on to lead Seagate and I
look forward to the challenge. During the last several quarters, Seagate has
undertaken a variety of actions in order to improve the Company's competitive
position and financial performance. We believe that as we implement these
changes the Company's long-term competitive position will continue to improve,
resulting in enhanced value for our employees and shareholders.
"Clearly, storage and related technologies are becoming more important to
end-users as they focus on effectively delivering information throughout their
organization," Luczo continued. "Over the last several years, we have
positioned Seagate to take advantage of these trends in storage-centric
computing through our extensive investments in new hardware and software
technologies. As a result, we feel confident that Seagate will continue its
leadership in storage as these markets evolve."
Luczo joined Seagate in October, 1993 and was named President and Chief
Operating Officer as part of a broad management restructuring in September,
1997. As President, Luczo has had overall responsibility for Seagate's disc
drive and component operations, including Product Development, Sales and
Marketing, Customer Service, Quality, and Manufacturing. Prior to being named
President, Luczo had operating responsibility for the Company's software
subsidiary, the Quinta subsidiary, and Seagate's tape operations. In
addition, Luczo was responsible for the Company's business strategy including
related merger and acquisition and partnership activities.
Further, in addition to his Board position at Seagate Technology, Luczo is
Chairman of Seagate Software and serves on the Board of Directors of two
private companies in which Seagate Technology has equity positions, Dragon
Systems, Inc., and Gadzoox Networks, Inc.
Prior to joining Seagate, Luczo had spent 10 years in investment banking,
most recently as a Senior Managing Director, co-head of Global Technology at
Bear Stearns & Co. He graduated from Stanford University in 1979 and received
his MBA from the Stanford Graduate School of Business in 1984.
The Company also announced the appointment of current directors Gary B.
Filler and Larry Perlman as non-executive Co-Chairmen of the Board of
Directors.
Seagate Technology, Inc. (NYSE:SEG) is a leading provider of technology
and products enabling people to store, access, and manage information. The
Company is committed to providing best-in-class products to help people get
their information when, where and how they want it. Seagate is the world's
largest manufacturer of disc drives, magnetic discs and read-write heads, an
innovator in tape drives, and a leading developer of Enterprise Information
Management software. Seagate can be found around the globe and on the World
Wide Web at seagate.com. For automated news, stock and financial
information by phone, dial toll-free 877-SEG-NYSE. Outside the U.S. and
Canada, dial 760-704-4368. |
