By Suzanna Kerridge, 22 July 1998 17:36
NEWS Seagate has dumped one of its founding board members and CEO, Alan Shugart, as it continues to struggle against the downturn in its fiscal fortunes. Shugart will be replaced with the current president and chief operating officer Stephen Luczo, a former investment banker. As the original developer of the disk drive in the 60's, Shugart joined Seagate in 1979 but was unceremoniously sacked at the beginning of the week. Speaking after his dismissal, he said he was surprised at the board's decision to replace him. He claims the board informed him that it was a time for a change and his refusal to retire forced the decision to make him redundant. Seagate attributed its last year's loss of $530m to slower computer sales, falling prices and excess capacity in the market.
In order to post a comment you need to be registered and logged in.
Log in or create your silicon.com account below