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Print 30 comment(s) - last by zolo111.. on Jan 16 at 1:23 PM

Seagate CEO gets 25% pay cut along with pay cuts for other managers

Seagate is the largest maker of hard drives and makes products for virtually all categories where magnetic storage is needed from computers to other applications. The company announced this week that it would lay off employees in the face of reduced demand for its products.

Seagate said it would cut 6% of its global workforce, which includes 800 job cuts for the U.S. arm of the company. In all, the firm will be chopping 2,950 jobs from its rolls. It won’t make the employees who have lost their jobs feel any better, but the Seagate CEO will also get a pay cut, by a whopping 25%.

Seagate's former CEO, Bill Watkins, stepped down a few days ago. He is replaced by Seagate Chairman Stephen Luczo. Luczo may be a familiar name to those familiar with Seagate, he was the CEO of the storage firm from 1998 to 2004.

Seagate competitor Western Digital is also announcing job cuts. WD will chop its workforce by 5%. Seagate says that the job cuts will save it an estimated $130 million per year and that the CEO pay cut and cuts in the pay of other managers will save it about $80 million.

Seagate shares fell 29 cents in trading to end at $4.29 per share. Bloomberg reports that Seagate had 54,000 employees globally as of the end of June 2008.



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Hmmm...
By Motoman on 1/15/2009 12:57:25 PM , Rating: 1
...one would think that with all the people getting laid off, they'd have nothing better to do than sit at home and download porn. Meaning business would go up for Seagate.




RE: Hmmm...
By MrBlastman on 1/15/2009 1:02:04 PM , Rating: 4
Sin is in when the economy is down. Beer/Wine/Liquor, Porn, Gambling and Cigarettes.

At least Seagate kind of gets it - by cutting management pay significantly along with employees. I've seen too many instances where a company will just lay off employees and not take a pay cut in the management area. It is about time some companies are figuring out that they need to more equally distribute the burden. After all, it is management who made the poor decisions which lead to the company having to eventually lay off employees.


RE: Hmmm...
By KernD on 1/15/2009 2:38:33 PM , Rating: 1
quote:
Sin is in when the economy is down. Beer/Wine/Liquor, Porn, Gambling and Cigarettes


But none of those things are Sins...


RE: Hmmm...
By Innocent Hawk on 1/15/2009 4:45:23 PM , Rating: 2
Yeah, tell that to a pastor and see where it gets you hehe.

Porn is the one that stands out most - that would be lust, one of the seven deadly sins.

;)


RE: Hmmm...
By Myg on 1/15/2009 4:53:09 PM , Rating: 1
Indeed, it would also count for cheating/adultry.

Shame about that eh?

:-)


RE: Hmmm...
By ChoadNamath on 1/15/2009 7:32:03 PM , Rating: 3
Looking at porn is cheating? Maybe you could make that case if a fleshlight was involved...


RE: Hmmm...
By ThisSpaceForRent on 1/15/2009 7:37:58 PM , Rating: 2
What if your girlfriend/wife is in porn? Then's it okay right?


RE: Hmmm...
By jonmcc33 on 1/16/2009 7:27:51 AM , Rating: 1
No, looking at porn is not cheating. It would have to be a physical or emotional stray of the relationship to be considered cheating.


RE: Hmmm...
By Bender 123 on 1/15/2009 1:10:05 PM , Rating: 2
quote:
...one would think that with all the people getting laid off, they'd have nothing better to do than sit at home and download porn. Meaning business would go up for Seagate.


They don't have money, so they cant buy stuff and they are not trying to save the world either. They are missing two of the three planks of the Seagate business model.


RE: Hmmm...
By Motoman on 1/15/2009 1:41:23 PM , Rating: 2
Yes, well, I neglected the </sarcasm> at the end.

Although, since you can get porn, music and movies pirated on the interweb, they could use all the money they aren't spending on that stuff to buy a new hard drive...


RE: Hmmm...
By Bender 123 on 1/15/2009 2:14:40 PM , Rating: 2
They will all have a future in space elevators, if they can use their stored technical documents to assist a payload into orbit, using rhythmic jerking motions.


RE: Hmmm...
By Motoman on 1/15/2009 2:27:21 PM , Rating: 2
...if only there was a way to capture and store that energy...


Damn...
By Clauzii on 1/15/2009 1:15:32 PM , Rating: 2
Does it ever stop..?




RE: Damn...
By Slappi on 1/15/2009 1:22:47 PM , Rating: 4
When we die....


RE: Damn...
By nuarbnellaffej on 1/15/2009 1:23:02 PM , Rating: 3
I don't like people getting laid off, but its called the business cycle.


RE: Damn...
By Clauzii on 1/15/2009 1:34:51 PM , Rating: 3
"Now imagine that - but everywhere!"


RE: Damn...
By TALENT on 1/15/2009 2:49:48 PM , Rating: 3
quote:
"Now imagine that - but everywhere!"


Is it bad I knew that was a Fantastic 4 reference?


RE: Damn...
By saiga6360 on 1/15/2009 7:08:43 PM , Rating: 2
After World War 3 and 1/3 of the world population is dead.


Very simple economics...
By Beenthere on 1/15/2009 2:44:39 PM , Rating: 1
No Job = No money = No PC, No home, No purchases and a Helleva long world wide economic depression. And it's gonna get a lot worse before it gets better.




RE: Very simple economics...
By ebakke on 1/15/2009 2:55:55 PM , Rating: 4
quote:
And it's gonna get a lot worse before it gets better.
Obama told us that. Which at first was scary... and then I remembered that his voice gives me a warm fuzzy feeling. So don't worry - it'll get worse (a lot worse) but Big O will make it all better.


RE: Very simple economics...
By teko on 1/15/2009 3:30:21 PM , Rating: 2
Harvey Dent also said that, "The night is darkest just before the dawn".


RE: Very simple economics...
By ebakke on 1/15/2009 4:18:04 PM , Rating: 2
(psst! ...Harvey Dent isn't real)


RE: Very simple economics...
By Reclaimer77 on 1/15/2009 6:59:49 PM , Rating: 2
quote:
Harvey Dent also said that, "The night is darkest just before the dawn".


Yes but then he got doused in gasoline, set on fire, and was treated to a melting face party of one ; him.


By Lord 666 on 1/15/2009 1:47:09 PM , Rating: 2
Probably the only sector that isn't turning away people or laying off.




By SpaceJumper on 1/15/2009 1:56:11 PM , Rating: 2
Joine the StarTrooper, your job will be secure!!


By FITCamaro on 1/15/2009 2:36:20 PM , Rating: 1
The Air Force has been having "force reductions" for 2-3 years.


By Aloonatic on 1/16/2009 6:27:22 AM , Rating: 2
Unemployment....

Death/serious wounding by IED.....

Unemployment.....

Death/serious wounding by IED.....

hmmm, come back to me, it may take me a while to make my mind up.

The criminal sector seems to be taking people on at the moment. Good times, as the Police (in the UK at least) are geared up for peace time duties and are woefully unprepared for the boom in crime that is about to explode.

By the way, the UK is always making strange spending plans when it comes to the armed services and there are plenty of regiments etc being combined and reduced. They need more money to spend on helicopters that can't take off if it's raining or a bit foggy and must be kept ready to be used to ferry princes to and from their girlfriend's homes and their mates stag parties.

No where is safe at the moment. Unless you are a government spin doctor, they seem to have more work than they know what to do with.


By jonmcc33 on 1/16/2009 7:30:07 AM , Rating: 2
Death isn't exactly job security. Not to mention a serious pay cut for most people.


firmware bug
By fic2 on 1/15/2009 2:24:40 PM , Rating: 2
So, I guess there is probably no hope of ever getting the firmware bug in the newest Seagate drives fixed now.




Change the title
By zolo111 on 1/16/2009 1:23:43 PM , Rating: 2
Should change the title to

Seagate Will Cut 2,950 Jobs + useless crap everyone knows about usually in the first, second paragraph + some useless links to old news.




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