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Seagate Technology the storage company has announced that the company will be laying off 10% work force from around the globe. Also they have announced that the CEO Bill Watkins has also resigned. Watkins has served the company for 12 years (CEO since 2004). The new CEO of the company will be the chairman, Stephen Luczo.

Company’s quarter report is expected on January 21, 2009. According to Watkins, the company had a crappy quarter. He further said:

It’s never as bad as we think it is, and it’s never as good as we think it is. We don’t know. Long-term, it’s great. Near-term, no. Let’s focus on what we can control: products. We don’t want to cut all spending but we don’t want to spend into a disaster either.