Business Context and Reporting Period
This Form 8-K Current Report was filed by Seagate Technology Public Limited Company on January 26, 2011. The report discloses a corporate governance event: the election of a new director to the Board of Directors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
The material change reported is the appointment of Michael R. Cannon to the Board of Directors, effective February 1, 2011. Mr. Cannon brings significant industry experience, having previously served as President of Global Operations at Dell Inc., CEO of Solectron Corp, and CEO of Maxtor Corporation (which Seagate acquired in 2006).
Guidance, Outlook, and Compensation
There is no financial guidance or outlook provided in this filing. Regarding compensation, Mr. Cannon will participate in standard non-employee director arrangements, receiving an annual cash retainer of $72,000 and an initial prorated restricted share unit grant valued at $200,000. He has not yet been assigned to any specific board committees.
Key Facts for Investor Verification
- Michael R. Cannon was elected to the Board of Directors effective February 1, 2011.
- Mr. Cannon will stand for re-election at the Annual General Meeting scheduled for October 26, 2011.
- His compensation includes a $72,000 annual retainer and a $200,000 initial equity grant.
- He has prior executive experience at Dell, Solectron, Maxtor, and IBM.
- Committee assignments for Mr. Cannon were undetermined at the time of filing.