Seagate CEO Bill Watkins will have a new job soon, as he relinquished the CEO job to Chariman Steve Luczo today.
Seagate said in a statement that Luczo would confer over the next week with Watkins, who’s a 12-year company veteran, “to determine what role, if any” he would have at the firm.
Doesn’t sound hopeful for ol Bill to me. Perhaps someone should send him the link to the Money Magazine article on being laid off at 50!
So how is the stock reacting to the shakeup?
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It appears the market participants are not encouraged by this action, I tend to disagree, but what do I know?
I hope Seagate (or their Board of Directors) continues with this type of drastic action, which they have, as the article mentions that Seagate president Dave Wickersham is also being replaced by Luczo as well.
