Who is Michael R. Cannon and why is his appointment significant?

Michael R. Cannon has been appointed to Seagate's Board of Directors. His significance lies in his extensive 35-year career in high technology, including substantial leadership roles at companies like Dell and Solectron. Crucially, he was CEO of Maxtor Corporation, a former competitor and now acquired entity of Seagate, and he previously served on Seagate's Board. This background provides him with deep industry knowledge and familiarity with Seagate.

What is the compensation for Mr. Cannon as a new director?

Mr. Cannon will receive compensation consistent with Seagate's non-employee director arrangements. This includes an annual cash retainer of $72,000 and an initial grant of restricted stock units valued at $200,000, prorated based on the grant date and the average closing stock price of the preceding quarter.

What is Mr. Cannon's prior experience with Seagate?

Mr. Cannon has prior experience with Seagate, having served on its Board of Directors from October 2006 until February 2007. This period would have included the time when Seagate acquired Maxtor Corporation.

Will Mr. Cannon be joining any board committees immediately?

At the time of this filing, it was not determined whether Mr. Cannon would be named to any committee of the Board, or if so, which ones. Information on committee assignments was unavailable.

STX 8-K: Leadership Changes

Summary

Seagate Technology plc (STX) has filed an 8-K report detailing the appointment of Michael R. Cannon to its Board of Directors, effective February 1, 2011. Mr. Cannon brings extensive experience in the high-technology sector, including previous leadership roles at Dell Inc., Solectron Corp., and importantly, Maxtor Corporation, a former disk drive manufacturer acquired by Seagate in 2006. His prior service on Seagate's board from October 2006 to February 2007 further solidifies his familiarity with the company. This addition to the board is significant as it brings in a director with direct experience in the disk drive industry and a history with Seagate. Investors should note Mr. Cannon's diverse background and his directorships at other public companies, which may inform his contributions to Seagate's strategic decisions. Compensation for non-employee directors, including Mr. Cannon, will follow standard arrangements, consisting of an annual cash retainer and a restricted stock unit grant.

Key Highlights

1Michael R. Cannon appointed as a director to the Seagate Technology plc Board, effective February 1, 2011.
2Mr. Cannon has a 35-year career in high technology, including significant executive experience at Dell Inc., Solectron Corp., and Maxtor Corporation.
3His prior experience includes serving as CEO of Maxtor Corporation, a disk drive manufacturer acquired by Seagate in 2006.
4Mr. Cannon previously served on Seagate's Board of Directors from October 2006 to February 2007.
5He currently serves on the Boards of Adobe Systems and Elster Group SE.
6Mr. Cannon will participate in the company's standard non-employee director compensation plan, including an annual cash retainer and restricted stock units.
7The appointment is effective February 1, 2011, and Mr. Cannon will stand for re-election at the next annual general meeting on October 26, 2011.

Seagate Technology Holdings plc 8-K Report, Executive Changes (Feb 1, 2011)

Summary

Key Highlights

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