Seagate CFO Dave Morton leaves at short notice

  • Push-out Score suggests push-out forces
  • After less than three years in the position
  • Accolades, praise, thanks and good wishes for Morton
  • Kate Scolnick taking over in the interim
  • Search for a successor
  • Morton said 51 words

(exechange) — Cupertino, California, July 30, 2018 — Dave Morton, finance chief of Seagate, leaves. It is a change at short notice. As announced by Seagate Technology plc in a news release and in a regulatory filing published on Monday, July 30, 2018, David H. (Dave) Morton, chief financial officer, leaves the data storage company after less than three years in the role, effective August 3, 2018.

No company wants a CFO to flame out in the first years.

Morton’s move comes 10 months after Dave Mosley took over as CEO of Seagate Technology plc.

Seagate will undertake a search for a successor.

Morton’s duties will be taken over in the interim by Kathryn R. (Kate) Scolnick, currently head of investor relations and treasury operations of Seagate Technology plc.

“Will leave the company for a senior finance executive role at another company”

Morton’s imminent departure from the CFO post is explained as follows. Seagate said: “David H. Morton, Jr., executive vice president and chief financial officer at Seagate, will leave the company for a senior finance executive role at another company.”

Precise information about Morton’s future plans was not immediately available.

“Resigning”

Seagate said: “On July 25, 2018, David H. Morton, Jr. notified Seagate Technology plc … that he would be resigning from his position as the Company’s Executive Vice President and Chief Financial Officer effective August 3, 2018.”

“Not based on any disagreement”

“His departure is not based on any disagreement with the company’s accounting principles, practices or financial statement disclosures,” Seagate said.

It is a phrase that may be intended to prevent false rumors. It may also fuel further speculation and raise more questions than it answers. Such a phrase should be read very carefully. The exact wording may be insightful.

Chaired by Stephen J. Luczo

Seagate Technology plc is chaired by Stephen J. Luczo.

Stephen J. Luczo was appointed Executive Chairman of Seagate in 2017 and serves as Chairman of the Board. Prior to his current role, he served two tenures as the company’s CEO and Chairman.

CEO: Dave Mosley

Dave Mosley serves as CEO of Seagate Technology plc. William David Mosley has been Chief Executive Officer of Seagate Technology Plc since October 1, 2017. Dave Mosley was appointed CEO of Seagate in 2017, succeeding long-time CEO Stephen J. Luczo. Prior to his current role, Mosley was President and COO of Seagate.

In the position of CFO since 2015

David H. Morton assumed the role of Executive Vice President and Chief Financial Officer effective October 21, 2015.

In his previous role of Senior Vice President, Treasurer and Principal Accounting Officer, he was responsible for overseeing Seagate’s corporate finance, treasury and accounting activities.

Morton joined Seagate in 1995 and over the last twenty years has held multiple leadership roles each increasing in scope within the Company’s global finance organization including corporate financial planning, revenue consolidation, manufacturing, pricing, sales operations and the Company’s former software division.

Morton holds a bachelor’s degree in business administration and finance, real estate, and law from California State Polytechnic University, Pomona.

“Morton will remain an employee of the Company through the filing of the Company’s Annual Report on Form 10-K for Fiscal Year 2018 and will provide transition services to the Company during this time,” Seagate said.

“Morton has agreed to assist in the orderly transition of his CFO responsibilities and will leave the company on August 3, 2018,” Seagate also stated.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Dave Morton’s imminent move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.

Read the full story in the exechange report 32.2018 ($).