In a shock move, Seagate co-founder and chief executive Alan Shugart is to take early retirement.
His position will be taken by company president Stephen Luczo, who said the decision was taken in a bid to turn round the company's fortunes. Luczo is also the chief operating officer.
Seagate has laid off thousands of workers this year in a bid to restore its position as number one hard drive vendor. Earlier this month, it reported a loss of $530 million for its financial year. The previous year it turned in a profit of $658 million.
In a company statement, Luczo said that in the past few quarters Seagate had taken a number of actions to improve its position. "We believe that, as we implement these changes, the company's long term competitive position will continue to improve."
Shugart has had a long career in the hard drive industry, starting with IBM and helping to develop the first Winchester hard files in the 1960s. He helped set up Seagate in 1979.
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