Seagate replaces top 2 executives

Seagate Technology has replaced its top two executives and said it planned to cut 800 jobs as the hard-drive maker endures a bruising slowdown in technology spending.

In a surprise move, the Scotts Valley, Calif., company announced Monday that William Watkins, Seagate’s chief executive since 2004, and Dave Wickersham, the president and chief operating officer, had both left the company, effective immediately. The company also announced that it planned to cut 10% of its 8,000 U.S.-based workers. It has 53,000 workers worldwide.

Stephen Luczo, who served as Seagate’s CEO from 1998 until 2004, will return to the post.

Wickersham’s jobs will be taken by Robert Whitmore, the firm’s executive vice president and chief technology officer.