Seagate Technology

Seagate Technology has replaced its top two executives and said it planned to cut 800 jobs as the hard-drive maker endures a bruising slowdown in technology spending. In a surprise move, the Scotts Valley, Calif., company announced Monday that William Watkins, Seagate's chief executive since 2004, and Dave Wickersham, the president and chief operating officer, had both left the company, effective immediately. The company also announced that it planned to cut 10% of its 8,000 U.S.-based workers.

Seagate Technology is cutting 2,950 more jobs and slashing some employees' salaries as much as 25%, a surprise move coming just two days after Seagate changed chief executives and announced it was cutting 800 U.S. workers.