SAN FRANCISCO -- Seagate Technology dumped its top two executives and will lay off 800 others in the US, the company said Monday.

The layoffs amount to a 10% cut in the company's US workforce by 10%. The firm employs 53,000 workers worldwide, 8,000 in the US.

The firing of chief executive William Watkins and president and chief operating officer Dave Wickershamwas precipitated by a sharp fall in the company's revenues and no clear turnaround in sight.

Stephen Luczo, Seagate's CEO from 1998 through 2004, was named interim chief executive. Robert Whitmore was promoted to president and COO. He was executive vice president and chief technology officer.

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