8-KLeadership ChangesExhibits & Filings

Seagate Technology Holdings plc 8-K Report, Executive Changes (Dec 5, 2011)

Filed December 5, 2011For Securities:STX

Summary

This 8-K filing from Seagate Technology plc, filed on December 5, 2011, announces a significant change in its Board of Directors. On December 1, 2011, the company appointed Kristen M. Onken as a new independent director. Ms. Onken's appointment is effective immediately and she will serve until the company's next annual general meeting, at which point she is expected to stand for shareholder election. Her addition to the board, particularly to the Audit Committee, suggests a continued focus on strong corporate governance and financial oversight. Ms. Onken brings a wealth of experience in finance and corporate leadership, having previously held senior roles at companies such as Logitech International, Fujitsu PC Corporation, and Sun Microsystems. Her appointment is a positive development for investors, indicating the company is actively strengthening its board with experienced professionals. Investors should note that Ms. Onken will participate in the standard non-employee director compensation plan, which includes an annual retainer, committee fees, and a restricted stock unit grant valued at $200,000 (prorated).

Key Highlights

  • 1Seagate Technology plc appointed Kristen M. Onken as a new independent director to its Board of Directors, effective December 1, 2011.
  • 2Ms. Onken has also been appointed to serve on the Board's Audit Committee.
  • 3Her appointment is expected to enhance the board's expertise, particularly in finance and governance.
  • 4Ms. Onken will serve until Seagate's next annual general meeting, subject to shareholder election.
  • 5She brings extensive experience from prior roles at Logitech International, Fujitsu PC Corporation, and Sun Microsystems.
  • 6Ms. Onken will receive standard compensation for non-employee directors, including cash retainers and a restricted stock unit grant.
  • 7The company has also attached a press release announcing this appointment as an exhibit.

Frequently Asked Questions

Kristen M. Onken is a 62-year-old independent director appointed to Seagate's Board. She has a strong financial background, having served as Senior Vice President, Finance, and Chief Financial Officer of Logitech International, S.A. She also held finance positions at Fujitsu PC Corporation and Sun Microsystems. Currently, she serves as a director for Silicon Laboratories Inc.

Ms. Onken's appointment to the Audit Committee is significant as it suggests a continued emphasis on robust financial oversight and corporate governance. The Audit Committee plays a critical role in overseeing the company's financial reporting, internal controls, and independent auditor.

Ms. Onken will participate in Seagate's non-employee director compensation arrangements. This includes an annual cash retainer of $72,000 for her board service and an additional $15,000 for her service on the Audit Committee. She will also receive an initial restricted share unit grant valued at $200,000, prorated based on the time until the next annual general meeting.

Ms. Onken will serve until Seagate's next annual general meeting of shareholders, where she is expected to stand for election by the shareholders. The exact date of the next annual general meeting is not specified in this filing.