Summary
Seagate Technology Holdings plc (STX) has announced the appointment of Richard (Rick) Clemmer as a new independent director to its Board of Directors, effective August 23, 2022. Mr. Clemmer's appointment is a strategic move to strengthen the board's expertise and governance, as he is deemed independent under Nasdaq listing rules. Mr. Clemmer will receive compensation consistent with other non-employee directors, including an annual cash retainer of $100,000 and an initial restricted share unit grant valued at $275,000, which will be prorated based on his service period until the next annual general meeting. This appointment is expected to enhance the board's capabilities and align with Seagate's commitment to strong corporate governance.
Key Highlights
- 1Richard (Rick) Clemmer appointed as an independent director to the Board of Directors.
- 2Mr. Clemmer's appointment is effective August 23, 2022.
- 3The Board has determined Mr. Clemmer to be an independent director under Nasdaq listing rules.
- 4Mr. Clemmer will serve until Seagate's next annual general meeting of shareholders.
- 5Compensation includes an annual cash retainer of $100,000.
- 6Mr. Clemmer will receive an initial restricted share unit grant valued at $275,000, subject to proration.
- 7The appointment is based on the recommendation of the nominating and corporate governance committee.