Seagate drops head

Seagate Technology has unceremoniously dumped its chief executive Alan Shugart - one of the pioneers of disk drive technology. Stephen Luczo, president of the storage giant, will take over. According to a Seagate representative, 'the time had come to make a change in its leadership'.

The move comes just one week after Seagate announced fiscal year losses of $530 million. Shugart was said to be 'absolutely shocked' by the decision.