8-KLeadership ChangesExhibits & Filings

Seagate Technology Holdings plc 8-K Report, Executive Changes (Dec 28, 2020)

Filed December 28, 2020For Securities:STX

Summary

Seagate Technology Holdings plc (STX) announced the appointment of Pratik (Prat) Bhatt as a new independent director to its Board of Directors, effective December 24, 2020. Mr. Bhatt brings extensive financial and accounting expertise, holding the position of Senior Vice President, Chief Accounting Officer and Corporate Controller at Cisco Systems, Inc. His appointment is expected to strengthen the Board's oversight, particularly within the audit and finance committee, to which he has also been appointed. Investors can view this appointment as a positive step towards enhancing corporate governance and financial accountability. Mr. Bhatt's significant experience with a major technology company like Cisco, coupled with his background from Ernst & Young and Kaiser Permanente, suggests a deep understanding of financial operations and regulatory compliance. His compensation structure, involving both cash retainers and restricted stock units, aligns his interests with those of shareholders.

Key Highlights

  • 1Appointment of Pratik (Prat) Bhatt as an independent director to the Board of Directors.
  • 2Mr. Bhatt's appointment strengthens the Audit and Finance Committee with his expertise.
  • 3Mr. Bhatt currently serves as SVP, Chief Accounting Officer, and Corporate Controller at Cisco Systems, Inc.
  • 4He has 20 years of experience at Cisco Systems and prior experience with Ernst & Young and Kaiser Permanente.
  • 5Mr. Bhatt will receive an annual cash retainer of $100,000 and $15,000 for Audit and Finance Committee service.
  • 6He will also receive an initial restricted share unit grant valued at $275,000, prorated for his tenure.
  • 7The appointment is seen as an enhancement to Seagate's corporate governance and financial oversight.

Frequently Asked Questions

Pratik (Prat) Bhatt is a new independent director appointed to Seagate's Board of Directors. He has a strong financial background, currently serving as Senior Vice President, Chief Accounting Officer, and Corporate Controller at Cisco Systems, Inc. He also has prior experience with Ernst & Young LLP and Kaiser Permanente, and holds degrees in economics and accounting.

Mr. Bhatt has been appointed as a director and will serve on the Audit and Finance Committee of the Board. His expertise is expected to bolster the committee's oversight capabilities.

Mr. Bhatt will participate in the company's non-employee director compensation plan. This includes an annual cash retainer of $100,000 for Board service and an additional $15,000 per annum for his service on the Audit and Finance Committee. He will also receive an initial grant of restricted stock units valued at $275,000, which will be prorated based on his start date relative to the next annual general meeting.

The filing states that there are no arrangements or understandings pursuant to which Mr. Bhatt was selected, and he does not have a direct or indirect material interest in any transaction requiring disclosure under Item 404(a) of Regulation S-K. He has also been determined to be an independent director under Nasdaq listing rules.