Seagate Technology : Harvard Business Review Names Seagate’s Steve Luczo One of the Best Performing CEOs in the World
Luczo listed for fourth year running and Seagate one of six technology companies to make the top 30
Harvard Business Review has ranked Seagate (NASDAQ: STX) Executive Chairman Steve Luczo as one of the best-performing CEOs in the world. Luczo, who has been included on the magazine’s list for the past four years, was ranked No. 28 overall on this year’s global list of top 100 CEOs.
Harvard Business Review considers more than just a company’s financial performance when compiling its annual CEO list; it also accounts for each company’s environmental, social, and governance (ESG) performance. Long-term financial results are weighted at 80% of a CEO’s score, with ESG performance at 20%. Seagate was one of only six technology companies that made the top 30 and Luczo is also among only 23 CEOs who are appearing for the fourth straight year.
“I am honored to have been included in the list but the real heroes are our employees around the world who continually go above and beyond,” said Luczo. “Success for a company like Seagate means focusing on not only long-term shareholder return, but also broader environmental and social responsibilities and we can only achieve those goals as a team.”
Considered to be one of the technology industry’s most influential and visionary leaders, Luczo is widely regarded for his ability to conceive and implement complex and highly creative solutions to the unique challenges faced by a large global manufacturing company like Seagate. In an example that remains a text book case study at leading business schools around the world, Luczo orchestrated a $20 billion deal in late 2000 with partners Veritas Software and an investor group led by Silver Lake Partners to take Seagate private. The deal represented the single largest buyout in the history of the technology industry up to that time and furnished Seagate with the capital resources it needed to achieve its long-term goals.
On October 1, 2017, Luczo transitioned to a new role as executive chairman, in order to focus on strategic growth initiatives intended to drive longer-term shareholder value creation. Prior to this, Luczo served as CEO from 1998 through 2004, when he left the CEO position to focus on his role as chairman of the board. In January 2009, Luczo returned to the role of CEO. During the period after Luczo’s return as CEO in 2009, Seagate stock appreciated by 1600%, placing it among the top 5 performing stocks in the S&P 500.
To find out more on the selection process and the full list of 100 CEOs visit Harvard Business Review.
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