Seagate CEO Steve Luczo leaves post

  • Push-out Score suggests push-out forces
  • After almost nine years on the job
  • Accolades, praise and thanks for Luczo
  • Dave Mosley taking over
  • Luczo will remain as Executive Chairman at Seagate
  • Luczo said 57 words

(exechange) — Cupertino, California, July 25, 2017 — Steve Luczo, chief executive of Seagate, leaves the position. As announced by Seagate Technology plc in a news release and in a regulatory filing published on Tuesday, July 25, 2017, Stephen J. (Steve) Luczo leaves the post as Chief Executive Officer at the data storage company in a surprising move after almost nine years on the job, effective October 01, 2017.

Luczo’s duties are taken over by Dave Mosley, currently Chief Operating Officer at Seagate Technology plc.

“Dave Mosley is the right leader for the Company’s future success”

A reason for the change was not explicitly given. Mike Cannon, Seagate’s Lead Independent Director and Chairman of the Nominating and Corporate Governance Committee, said: “Steve and the Board have been actively working towards this transition for the last two years and we are confident that Dave Mosley is the right leader for the Company’s future success.”

Luczo will remain as Executive Chairman at Seagate

“Steve Luczo, who currently serves as Chief Executive Officer, will transition to the role of Executive Chairman on October 1, 2017 in order to focus on longer-term shareholder value creation,” Seagate said.

“Step down”

Seagate said: “Stephen J. Luczo will step down from his position as Chief Executive Officer, effective October 1, 2017.”

Share price decline

The change follows a decline in the share price of Seagate Technology plc since April 2017.

On the job as CEO since 2009

Stephen J. Luczo has been a Director of Seagate since 2000.

Luczo has been the CEO of Seagate since January 2009 and Chairman of the Board since 2002.

Luczo joined Seagate in October 1993 as Senior Vice President of Corporate Development.

In September 1997, he was promoted to President and Chief Operating Officer of Seagate Technology, Inc. (Seagate Technology plc’s predecessor) and, in July 1998, he was promoted to CEO at which time he joined the Board as a Director.

Luczo resigned as CEO effective as of July 2004, but remained as Chairman of the Board.

He served as non–employee Chairman from October 2006 to January 2009.

From October 2006 until he rejoined Seagate in January 2009, Luczo was a private investor.

Luczo also served as the Company’s President from January 2009 until October 2013.

Prior to joining Seagate in 1993, Luczo was Senior Managing Director of the Global Technology Group of Bear, Stearns & Co. Inc., an investment banking firm, from February 1992 to October 1993.

Luczo served on the board of directors of Microsoft Corporation from May 2012 to March 2014.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Steve Luczo’s move.

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

Read the full story in the exechange report 31.2017 ($).