Seagate Names David Morton, Jr. CFO; Raises Targeted Annual Dividend

(RTTNews) - Seagate Technology (STX) announced that David Morton, Jr., a long-time Seagate finance executive, has been promoted to executive vice president and CFO. Patrick O'Malley, Seagate's current CFO, will remain with the company as executive vice president with responsibility for a broad range of strategic and operational issues. The appointments are effective immediately.

Separately, Seagate announced that its Board has approved a 17 percent increase in the company's targeted regular cash dividend. The targeted annual dividend will increase from $2.16 to $2.52 per share and will continue to be paid quarterly. The first payment at the new quarterly rate of $0.63 per share is scheduled to be paid on November 20, 2015 to shareholders of record as of the close of business on November 6, 2015.