UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (date of earliest event reported): April 6, 2011
SEAGATE TECHNOLOGY PUBLIC LIMITED COMPANY
(Exact Name of Registrant as Specified in its Charter)
Ireland |
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001-31560 |
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98-0648577 |
(State or Other Jurisdiction |
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(Commission File Number) |
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(IRS Employer |
Arthur Cox Building |
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NA |
(Address of Principal Executive Office) |
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(Zip Code) |
Registrants telephone number, including area code: (353) (1) 618-0517
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
(b) On April 7, 2011, Albert A. (Rocky) Pimentel notified the Board of Seagate Technology plc (the Company) that in connection with his appointment as Executive Vice President, Worldwide Sales and Marketing (see paragraph (c), below), he would resign from the Board, effective at the close of business on April 7, 2011. Mr. Pimentel did not resign due to any disagreements with Seagates operations, policies or practices.
Frank J. Biondi, Jr. will serve as the interim Chairman of the Audit Committee.
(c) On April 6, 2011, the Company appointed Mr. Pimentel, 55, Executive Vice President, Worldwide Sales and Marketing. Mr. Pimentel was a Director of Seagate from 2009 until his resignation from the board (see paragraph (a) above). Mr. Pimentel served as COO and Chief Financial Officer (CFO) at McAfee, Inc., from 2008 until he retired in August 2010. He served as the Executive Vice President and CFO of Glu Mobile from 2004 to 2008. Prior to joining Glu Mobile, Mr. Pimentel served as Executive Vice President and CFO at Zone Labs from 2003 to 2004, which was acquired by Check Point Software in 2004. From 2001 to 2003, Mr. Pimentel was a partner with Redpoint Ventures. Mr. Pimentel also held the positions of Senior Vice President and CFO of WebTV Networks, which was acquired by Microsoft in 1997, from 1996 until 2001, Senior Vice President and CFO of LSI Logic Corporation from 1992 to 1996 and was part of the founding management team of Conner Peripherals, Inc., which was acquired by the Company in 1996. Mr. Pimentel serves on the board of directors of Xilinx, Inc.
In connection with his appointment, on April 6, 2011, the Compensation Committee of the Board of Directors approved an annual base salary for Mr. Pimentel of $600,000, with a target bonus opportunity of 100% of his base salary. In connection with his appointment, on April 6, 2011, Mr. Pimentel also received a grant of stock options to acquire 647,500 of the Companys common shares and a grant of 111,000 performance shares under the Companys 2004 Share Compensation Plan, as amended. The annual bonus opportunity and the equity grants are covered by and subject to the Seagate Technology plc Compensation Recovery for Fraud or Misconduct Policy adopted on January 29, 2009 by the Compensation Committee of the Board of Directors of the Company. Mr. Pimentel will also be eligible for separation benefits, if applicable, under the Third Amended and Restated Seagate Technology Executive Officer Severance and Change in Control (CIC) Plan.
A copy of the Companys press release announcing the appointment of Mr. Pimentel is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 9.01 |
Financial Statements and Exhibits |
(d) Exhibits.
The following exhibit is attached to this Current Report on Form 8-K:
Exhibit No. |
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Description |
99.1 |
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Press release, dated April 8, 2011, of Seagate Technology plc. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
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SEAGATE TECHNOLOGY PUBLIC LIMITED COMPANY | |
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By: |
/s/ Kenneth M. Massaroni |
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Name: |
Kenneth M. Massaroni |
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Title: |
Senior Vice President and General Counsel |
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Date: April 8, 2011 |
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Exhibit 99.1
For Further Information Contact: |
Brian Ziel, 831-439 -5429
Brian.ziel@seagate.com
SEAGATE
SEAGATE APPOINTS INDUSTRY VETERAN ALBERT ROCKY PIMENTEL
AS EXECUTIVE VICE PRESIDENT OF WORLDWIDE SALES AND MARKETING
Former McAfee and LSI executive to lead global sales, marketing and product line management
SCOTTS VALLEY, Calif. April 8, 2011 Seagate (NASDAQ: STX) today announced that Albert Rocky Pimentel has joined the company as executive vice president, Worldwide Sales and Marketing. In his new role, Pimentel will lead the global team comprising Sales, Sales Operations, Product Line Management, Marketing and Retail.
Mr. Pimentel has served on Seagates Board of Directors since 2009 and has played a central leadership role at a number of well-known technology companies. His storage industry experience includes being a member of the early Seagate management team working with founders Al Shugart and Finis Conner as well as being part of the founding management team of Conner Peripherals. Since that time, his diverse career experience included having served as COO and CFO of McAfee, and SVP and CFO of LSI Logic. His lengthy high-technology background also includes serving as a member of the Board of Directors of Xilinx, as well as senior leadership positions at Glu Mobile, Zone Labs, WebTV Networks and Redpoint Ventures. His successful experiences in storage, enterprise software, consumer software, internet services, digital media and consumer appliances complements the current and future market opportunities Seagate is pursuing.
Rocky will be a tremendous asset as a member of our day-to-day leadership team, said Seagate Chairman and CEO Steve Luczo. He has a wealth of experience in technology that will be beneficial to Seagate, ranging from storage to semiconductors to mobile and security software. Rockys tenure on Seagates Board gives him a deep understanding of our business and visibility into the companys operations. I speak for the entire management team when I say that we look forward to Rockys leadership in driving our new global sales and marketing initiatives and brand awareness.
The storage industry has many great opportunities for growth and Seagate has the innovation, operational excellence, and world-class team onboard to excel, said Pimentel. Im pleased to be part of such an accomplished group and look forward to helping strengthen our position further in the market.
Pimentels position was previously held by EVP Kurt Richarz on an interim basis as Seagates management team planned its realignment strategy. Richarz will continue to manage Sales, Sales Operations and Marketing to ensure alignment and efficiency. Pimentel has ended his tenure on the Seagate Board of Directors and will report directly to Steve Luczo in his new executive management position.
About Seagate
Seagate is the world leader in hard disk drives and storage solutions. Learn more at Seagate.com
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