Seagate Technology is replacing CEO William Watkins with Chairman Stephen Luczo, giving day-to-day control of the disk-drive manufacturer back to Luczo more than four years after he relinquished the job to Watkins.
Watkins, who has been CEO of Seagate since 2004, will remain at the company to help with the transition and decide what role, if any, he will play at Seagate in the future, according to the company.
The move came as a surprise, as Watkins made a series of public media appearances for Seagate at the Consumer Electronics Show in Las Vegas earlier this month.
Luczo previously served as CEO from 1998 until 2004. He joined Seagate in 1993 as senior vice president of corporate development and served as president and COO from 1997 until his appointment as CEO.
Like many technology companies, Seagate is facing tough financial times as demand for its products is down due to reduced IT spending. Seagate had to lower its financial expectations for its fiscal second quarter.