Apr 19, 1999
Steve Kitrosser and Bob Teal, both respected storage industry veterans, will co-head Consumer Solutions and report directly to Seagate president and CEO Steve Luczo. The new organization has been created to leverage Seagate's activities for the past two years in information appliance applications and accelerate the Company's efforts in the emerging consumer market, which certain analysts expect will expand the disc drive market by several million units over the next few years.
The Consumer Solutions organization is currently negotiating with potential technology partners to jointly develop technologies for Information Appliances, Personal Video Recorders, and Home A/V Networking. Seagate intends to utilize its rapidly expanding portfolio of advanced technologies to generate a significant amount of new intellectual property in defining storage architectures and applications for the consumer market.
Within Consumer Solutions, Seagate is establishing a Consumer Applications Lab (CA Lab), with world-class expertise in system architectures, A/V recording, home networking and storage interconnects. As part of its charter, the CA Lab will provide strategic direction to Seagate's product sites in the development of disc drives and other storage technologies which will be optimized for consumer applications.
"In the world of film, broadcasting, video and multimedia, Seagate has long been the recognized leader for reliable, high performance digital storage. Now we are driving that leadership into the consumer market," said Steve Luczo. "New information appliances have been evolving through the efforts of many companies, including Seagate's work with WebTV Networks and others. Based on our revenues in this marketplace over the past two years, and the opportunities we see going forward, the time is right to formalize our activities under one focused organization that will make Seagate the storage company of choice for consumer applications."
"Since our success in this arena will be partly influenced by the companies that we work with, our near-term goals include intensive efforts to expand our present group of partners," said Bob Teal, vice president, Consumer Solutions. "Major shifts in the market that create enormous opportunities like this emerge only once every decade or so." According to Steve Kitrosser, vice president, Consumer Solutions, "Seagate has anticipated this shift, and is taking a leadership position."
Seagate Technology, Inc. (NYSE:SEG) is a leading provider of technology and products enabling people to store, access, and manage information. The Company is committed to providing best-in-class products to help people get information when, where and how they want it. Seagate is the world's largest manufacturer of disc drives, magnetic discs and read-write heads, an innovator in tape drives, and a leading developer of Enterprise Information Management software. Seagate can be found around the globe and at http://www.seagate.com. For automated news, stock and financial information by phone, dial toll-free 877-SEG-NYSE. Outside the U.S. and Canada, dial 760-704-4368.
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This press release includes forward looking statements which are made pursuant to the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. Forward looking statements involve risks and uncertainties including, but not limited to, delays and difficulties in research and development activities, technical difficulties, changes in allocation of resources available for research and development, failure of enabling technological development and other risks detailed from time to time in the Company's Securities and Exchange Commission filings. Actual results may differ substantially from management's expectations.