'Seagate' CEO Sells $100 Million Stake and Moves to Settle $600 Million Convertible Bonds

Seagate Technology Holdings plc (STX) disclosed that on January 29 its EVP and Chief Commercial Officer Tae Beom Seung exercised stock options to acquire common shares at around $101 per share, then sold part of his stake the same day at roughly $440 per share, leaving him with approximately $8.3 million (about ₩11 billion) in equity.

On February 2, CEO William D. Mosley, under a pre-arranged Rule 10b5-1 plan, disposed of 18,000 common shares at prices between $401 and $434 per share, realizing about $7.6 million (roughly ₩10 billion) in cash while retaining around $178 million (about ₩230 billion) worth of shares.

The company further announced that on February 11 its subsidiary Seagate HDD Cayman entered into a private exchange transaction to swap $600 million (approximately ₩800 billion) of 3.50% senior exchangeable notes due 2028 for cash and Seagate common stock, reducing the outstanding principal to about $400 million.

Seagate later confirmed that it closed this $600 million exchange on February 19, issuing roughly 5.95 million common shares and retiring all exchanged notes, thereby leaving approximately $400 million of notes outstanding.

On March 3, Seagate unveiled its next-generation HAMR-based “Mozaic 4+” hard-drive platform offering up to 44 TB of capacity and began mass shipments to leading hyperscale cloud customers. Industry analysts say surging AI and cloud demand has effectively sold out Seagate’s and other major HDD suppliers’ production capacity through 2026.

Seagate, a U.S. data-storage company specializing in HDDs and high-capacity storage solutions, is recognized as a global leader in supplying large-capacity drives to hyperscale data centers, cloud services, and AI infrastructure. Since becoming CEO in 2017, William D. Mosley has driven the company’s roadmap for high-capacity storage in the AI era and has gradually reduced his personal shareholdings through regular sales under 10b5-1 plans.