Seagate CEO Sells Shares Amidst $700 Billion Convertible Bond Cash and Stock Exchange

Seagate Technology Holdings plc (STX), a U.S. data storage device company, disclosed that on January 29 its Chief Commercial Officer Te Van Sen exercised stock options to acquire shares and then sold a portion on the open market. On February 2, CEO William D. Mosley disposed of approximately 18,000 shares under a pre-established Rule 10b5-1 plan, continuing an executive share restructuring.

Proceeds from Mosley’s early-February sale are estimated at about $7.6 million (roughly KRW 10 billion). After the transaction, he still holds around 410,000 shares—valued at about $178 million—maintaining an interest equivalent to around KRW 200 billion.

According to the same filing, on February 11 Seagate and its subsidiary Seagate HDD Cayman entered into individual negotiations with selected noteholders of $600 million in 3.50% exchangeable notes due 2028. They agreed to exchange approximately $600 million in cash and Seagate common stock. Upon completion, the redeemed notes will be canceled, leaving $400 million outstanding (around KRW 500 billion) under the original terms.

Seagate completed this $600 million exchange transaction on February 19, adjusting its debt level and maturity profile. In its Q2 fiscal 2026 results, the company reported revenue of about $2.8 billion—beating market expectations on the strength of growing AI data-center demand—and its shares jumped more than 6% in after-hours trading.

On March 2, another filing showed that Mosley sold an additional 20,000 shares under a separate Rule 10b5-1 plan, drawing investor attention to his ongoing disposals despite the company’s strong performance.

Seagate is a U.S.-based storage company supplying hard disk drives and high-capacity storage systems—along with related equipment and solutions—to global cloud providers and enterprise data centers.

Since becoming CEO in 2017, Mosley has invested in next-generation storage technologies such as high-capacity HDDs and HAMR. In response to the data explosion of the AI era, he is leading an expansion of Seagate’s portfolio to deliver large-scale storage and edge-to-cloud solutions.