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Seagate's CEO to step down

Steve Luczo to become executive chairman in October 2017

Seagate's CEO to step down
Steve Luczo has served as Seagate's CEO in 16 of the last 20 years.

Seagate's chief executive Steve Luczo is stepping away from his leadership role to make way for a new CEO.

The company's board of directors said it would appoint company president and chief operating officer Dave Mosely as CEO starting October 1st 2017.

Luczo will become executive chairman on October 1st, a role where he is expected to focus on longer-term shareholder value creation, the company said.

The change in leadership comes as the storage media industry continues its quick transition from spinning hard drives to all-flash storage.

Analyst firm Statista predicts that hard drive shipments will fall to 330m units by 2021, down from 470m units in 2015. Statista contrasted this with SSD shipments, which it estimates will reach 360m units by 2021, up from 105m units in 2015.

For all of 2016, Seagate shipped 155m hard drives, down 17.8% compared to all of 2015, according to analyst firm TrendFocus as reported by Market Realist. That compares to a relatively more modest drop of 14.2% during the same period for the top manufacturer of hard drives, Western Digital.

Luczo said it was his honour to have served as Seagate's CEO in 16 of the last 20 years. "I am grateful to our amazing employees, customers, suppliers, and shareholders. I am excited about our future and I look forward to working with Dave in my new role as executive chairman at Seagate," Luczo said in the statement.

Mosley, who joined Seagate in 1995, said in a prepared statement that he is looking forward towards new opportunities for Seagate.

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