SEAGATE OUSTS CEO, TO CUT 600 JOBS
Data storage company Seagate Technology, which has a large manufacturing facility in Longmont, said Tuesday it is replacing its CEO and will slash 600 jobs companywide.
It is unclear if any positions will be cut in Colorado. A spokeswoman said more information about the layoffs will be available Wednesday.
Seagate employs more than 50,000 worldwide, including roughly 1,600 in Colorado.
Chief operating officer Dave Mosley will become the new CEO and current CEO Steve Luczo will transition to executive chairman effective Oct. 1.
Industry analysts said the company’s earnings have been disappointing and they expect low growth to continue for the next two quarters.
Mosley joined Seagate in 1995. “I am honored to lead Seagate into the next era of leadership in the storage technology market and I am excited about the opportunities ahead for the company,” he said in a news statement.
Last July, Seagate announced 6,500 jobs would be cut over the next two years.