The board of Seagate Technology, Inc. has ousted CEO Alan Shugart, who co-founded the company nearly two decades ago.
Shugart, 67, was asked to retire because the board decided it was time for a leadership change, according to a statement yesterday from Seagate, which is based in Scotts Valley, Calif. Stephen Luczo, who has been president and chief operating officer since 1997 after joining the company four years before then, was named to replace Shugart as CEO.
Luczo had widely been viewed as Shugart's likely successor. But Shugart's ouster was unexpected and according to a report in the Wall Street Journal, he was unaware that the board planned to fire him.
Shugart is credited with pushing the disk-drive industry. The floppy disk drive was created by Shugart Associates, a start-up he began before he launched Seagate with three others in 1979.
"Given Al's total dedication and contribution to all aspects of Seagate's success, it is difficult to adequately and appropriately articulate our appreciation for his efforts," Larry Perlman, board co-chairman said in the company statement. "His contributions to this organization and to the industry will endure."
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