Seagate To Extend Workforce Reduction By Approximately 480 Employees

(RTTNews) - Seagate Technology Holdings plc (STX) said it has committed to an expansion of the October 2022 Restructuring Plan to extend its previously announced workforce reduction by approximately 480 employees, or 1% of the global headcount. The expansion of the plan is expected to be substantially completed by the end of the fourth quarter 2023 and result in total pre-tax charges between $55 million to $65 million.

The company expects to realize approximately $40 million to $45 million in annualized savings from the expanded plan, beginning in the fourth quarter 2023.

Seagate Technology Holdings also announced that in connection with the expanded plan, Ravi Naik, Executive Vice President, Storage Services, will leave the company.