Cupertino-Based Seagate Technology to Repurchase $2.5 Billion in Stock

Cupertino, Calif. -- Seagate Technology, a Cupertino-based maker of hard disk drives and storage systems, said on Thursday it plans to repurchase up to $2.5 billion in company shares. Along with other current authorizations, the company now can buy back as much as $3.5 billion in stock. "The repurchase authorization reflects the confidence that the Board and the executive management team have in Seagate’s ability to generate cash, while still investing in innovation and growth opportunities," said CEO Steve Luczo. Seagate on Thursday also named Jay Geldmacher, an executive vice president of Emerson Electric; William Coleman, founder of BEA Systems, and Seh-Woong Jeong, executive vice president of sales and marketing for the Systems LSI Division of Samsung Electronics, to its board of directors.
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