Summary
Seagate Technology Holdings plc (STX) filed an 8-K on October 4, 2016, to report the immediate departure of Albert A. “Rocky” Pimentel from his role as interim Executive Vice President. The termination was effective October 3, 2016, and was formalized through a Separation and Release Agreement. This event marks a significant change in the company's executive team. Investors should note that Mr. Pimentel will receive benefits in accordance with the company's existing executive severance and change-in-control plan. The details of this plan were previously disclosed in the company's Proxy Statement filed on September 9, 2016. While the departure itself is a key event, the financial impact on the company is expected to be managed through established protocols, as outlined in prior disclosures.
Key Highlights
- 1Albert A. “Rocky” Pimentel's employment as interim Executive Vice President terminated immediately on October 3, 2016.
- 2The departure was formalized through a Separation and Release Agreement between Mr. Pimentel and Seagate Technology plc.
- 3Mr. Pimentel will receive severance benefits consistent with the Company's Fifth Amended and Restated Seagate Technology Executive Severance and Change in Control Plan.
- 4The severance plan details were previously disclosed in the company's Proxy Statement filed on September 9, 2016.
- 5This filing is made under Item 5.02 of Form 8-K, concerning departures and appointments of officers and directors.
- 6The event date reported is October 2, 2016, with the filing date being October 3, 2016.