8-KLeadership ChangesExhibits & Filings

Seagate Technology Holdings plc 8-K Report, Executive Changes (Jan 25, 2018)

Filed January 25, 2018For Securities:STX

Summary

This 8-K filing from Seagate Technology plc announces the appointment of two new independent directors to its Board of Directors: Judy Bruner and Dylan Haggart. Ms. Bruner brings extensive financial and executive leadership experience, having previously served as CFO of SanDisk Corporation and Palm, Inc., and currently holds director positions at other public companies. Mr. Haggart is a partner at ValueAct Capital, a significant shareholder, and has experience in private equity and investment banking. Both appointments are effective January 23, 2018, and are intended to enhance the Board's expertise and governance. These appointments are significant for investors as they signal a continued focus on strengthening the Board's oversight and strategic direction. Ms. Bruner's deep financial background, particularly her CFO experience, could be invaluable in navigating the complexities of the storage industry. Mr. Haggart's affiliation with ValueAct Capital, a known activist investor, suggests a potential alignment of interests and a focus on shareholder value. Both directors will serve until the next annual general meeting and will receive standard compensation for non-employee directors.

Key Highlights

  • 1Seagate Technology plc appointed Judy Bruner and Dylan Haggart as independent directors to its Board of Directors.
  • 2Ms. Bruner has a strong financial background, including prior CFO roles at SanDisk and Palm, and currently serves on other public company boards.
  • 3Mr. Haggart is a partner at ValueAct Capital, a significant shareholder, with experience in private equity and investment banking.
  • 4Both directors have been appointed to key committees: Ms. Bruner to the audit and finance committees, and Mr. Haggart to the compensation committee.
  • 5The appointments are effective January 23, 2018, and both directors will serve until Seagate's next annual general meeting.
  • 6New directors will participate in the company's standard non-employee director compensation plan, including annual retainers and restricted stock units.
  • 7The filing references a press release announcing these appointments as an exhibit.

Frequently Asked Questions

Seagate Technology plc is appointing Judy Bruner and Dylan Haggart to its Board of Directors to strengthen the Board's expertise, particularly in finance and governance, and to enhance its oversight. These appointments are made upon the recommendation of the nominating and corporate governance committee and are intended to contribute to the company's strategic direction.

Judy Bruner has extensive experience in finance and executive leadership, having served as CFO of SanDisk Corporation and Palm, Inc., and holds director roles at other public companies. Dylan Haggart is a partner at ValueAct Capital, a significant shareholder, with a background in private equity and investment banking.

Both Ms. Bruner and Mr. Haggart will participate in Seagate's standard compensation program for non-employee directors. This includes an annual cash retainer of $100,000 for board service, an initial restricted share unit grant valued at $275,000 (prorated based on their start date), and additional annual retainers for committee service ($15,000 for Ms. Bruner on the audit committee, $10,000 for Ms. Bruner on the finance committee, and $10,000 for Mr. Haggart on the compensation committee).

Dylan Haggart's position as a partner at ValueAct Capital is noteworthy because ValueAct Capital is a significant shareholder in Seagate. His appointment to the board, along with the company's focus on governance and strategic direction, may suggest a collaborative approach between management and ValueAct Capital to enhance shareholder value.