NEW YORK - SHARES of Seagate Technology plunged on Monday after the hard drive maker announced it will lay off 10 percent of its US work force, or about 800 people, in response to economic turmoil.
In a Securities and Exchange Commission filing, Seagate said it will disclose details of its restructuring program later this month.
Layoffs will affect a broad range of departments, including research and development, the company said.
Spokesman Woody Monroy said Seagate has about 8,000 workers in the U.S., out of the approximately 54,000 employees worldwide.
Seagate shares fell 88 cents, or 16 per cent, to close at US$4.76.
The stock has ranged from US$3.67 to US$24.11 over the past year.
The company also said on Monday its board chairman, Stephen J.
Luczo, will take over the roles of president and chief executive officer. He replaces William D. Watkins, who will assist during the transition.
Seagate said last month its sales would come in lower than expected. The company is set to report earnings on Jan 21. -- AP
