Seagate Will Cut 2,950 Jobs

From DailyTech: 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.

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