Jan 15, 2001

Seagate Names Jeremy Tennenbaum Executive Vice President, Business Development and Strategic Planning

SCOTTS VALLEY, Calif. - Seagate today announced it has named Jeremy Tennenbaum to the position of executive vice president, Business Development and Strategic Planning. In this newly created position, Tennenbaum will be responsible for evaluating opportunities for Seagate to expand its core business as the world's largest storage technology provider into new markets. He will report directly to Steve Luczo, Seagate's Chief Executive Officer.

Seagate today also announced that Tom Mulvaney, senior vice president of Seagate's Internet Solutions Group, is retiring after a career spanning more than 20 years. In addition to leading Seagate's Corporate Development efforts, Tennenbaum will succeed Mulvaney in directing the Company's Internet Solutions Group.

"Jeremy brings unique skills and experience to our corporate management team and will open up new frontiers for our core storage business and Internet Solutions Group," said Steve Luczo. "The time is right for Seagate to capitalize on the increasing importance of storage, as the Internet continues to create more and more transactions, more information and more connectivity around the world."

"When I look around at the prospects for storage, there is no limit to what Seagate can accomplish," said Tennenbaum. "Storage is already where the Internet lives and is at the heart of today's enterprise IT architecture, and it's playing an increasing role in many key industries. With its leadership in storage, Seagate is poised to leverage its core competencies into opportunities that were previously unimaginable."

"At the same time we welcome Jeremy to Seagate, we are saying goodbye to a valuable member of our management team, Tom Mulvaney, who will be leaving Seagate to spend more time with his family," said Steve Luczo. "We are indebted to Tom for helping to grow the Company into what it is today - the leading storage company in the world."

Tennenbaum brings more than 15 years of strategic development and management experience to Seagate. Prior to joining Seagate, he spent nine years as a vice president with Wellington Management Company where he was a global equity analyst following a variety of technology companies, as well as automotive, capital goods and diversified industrial sectors. Previous to Wellington, Tennenbaum worked for Salomon Brothers as a new business specialist in corporate finance. He was listed by Reuters as one of the top ten analysts/portfolio managers for each of the past four years. Tennenbaum holds an AB degree in Politics and Intellectual History and a Master's degree from M.I.T.'s Sloan School of Management.

About Seagate
Seagate is the world's leading provider of Internet Infrastructure storage technology. The Company's products include disc drives for Enterprise applications, PCs and Consumer Electronics, Storage Area Network (SAN) solutions and Server Appliances. Seagate's market leadership is based on delivering award-winning products, customer support and reliability to meet the world's growing demand for information storage. Seagate can be found around the globe and at www.seagate.com.

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