Seagate Announces Layoffs, Pay Cuts

As expected, Seagate has announced layoffs, but they’re not as deep as previously reported. The disk drive maker said it will cut 6 percent of its work force — that’s 2,950 positions globally, including about 800 in the United States, according to Bloomberg.

In addition, Bloomberg says it’s cutting its new CEO’s pay by 25 percent and will reduce salaries of some managers. Meanwhile, irishtimes.com reports 450 Seagate employees’ pay will be cut by 10 percent. It says those cuts will affect management, sales and professional employees worldwide, while the pay of senior management — vice presidents and above — will be reduced by 15 percent to 25 percent.