8-KLeadership ChangesExhibits & Filings

Seagate Technology Holdings plc 8-K Report, Executive Changes (Jul 22, 2015)

Filed July 22, 2015For Securities:STX

Summary

Seagate Technology Holdings plc (STX) filed an 8-K on July 22, 2015, primarily to report a key executive appointment and bonus opportunities. Philip G. Brace was officially appointed President of the Cloud Systems and Electronics Solutions (CSES) group. This appointment formalizes his role after serving as interim president since April 2015 and highlights his increasing responsibilities within the company's enterprise storage solutions. Additionally, the filing details the approval of a special cash bonus opportunity for fiscal year 2016 for Mr. Brace, along with two other senior executives: William D. Mosley (President, Operations and Technology) and Albert A. “Rocky” Pimentel (President, Global Markets and Customers). This bonus is tied to both company-wide performance funding of the Executive Officer Performance Bonus Plan and individual strategic objectives, demonstrating a focus on incentivizing key leadership for future growth and operational success.

Key Highlights

  • 1Philip G. Brace appointed President of the Cloud Systems and Electronics Solutions (CSES) group, effective July 22, 2015.
  • 2Mr. Brace's appointment formalizes his interim role and reflects his leadership in enterprise storage systems and services.
  • 3A new cash bonus opportunity for fiscal year 2016 was approved for Philip G. Brace, William D. Mosley, and Albert A. "Rocky" Pimentel.
  • 4This bonus opportunity is capped at 25% of base salary and contingent upon both the Executive Officer Performance Bonus Plan funding and individual strategic goal achievement.
  • 5Mr. Brace's compensation package, established upon his hiring in September 2014, includes a $500,000 base salary, bonus eligibility, and equity grants (65,000 performance share units and 65,000 stock options).
  • 6The filing includes an exhibit: an offer letter for Philip Brace dated July 30, 2014.

Frequently Asked Questions

Philip G. Brace has been appointed President of the Cloud Systems and Electronics Solutions (CSES) group. This appointment was effective on July 22, 2015, and formalizes his role after he served as interim president since April 30, 2015.

Mr. Brace's compensation, as detailed in his offer letter from September 2014, includes an annual base salary of $500,000, eligibility for the Executive Officer Performance Bonus Plan (with a target of 100% of base salary), and initial grants of 65,000 threshold performance share units and 65,000 stock options. His compensation was not altered upon his appointment as President of CSES.

Yes, the Compensation Committee approved a special cash bonus opportunity for the fiscal year 2016 for Philip G. Brace, William D. Mosley (President, Operations and Technology), and Albert A. “Rocky” Pimentel (President, Global Markets and Customers). This bonus can be up to 25% of their annual base salary and is dependent on the funding of the company's Executive Officer Performance Bonus Plan and the achievement of specific individual strategic goals relevant to each executive's area of responsibility.

The CSES group, under Mr. Brace's leadership, is responsible for the full breadth of enterprise storage systems and services at Seagate Technology plc.