Ban Seng Teh
Seagate Technology HoldingsAbout Ban Seng Teh
Ban Seng Teh, age 59, is Executive Vice President and Chief Commercial Officer at Seagate, a role he has held since July 2022 after leading Global Sales and Sales Operations (SVP 2014–2021; EVP 2021–2022) and joining Seagate in 1989 as a field customer engineer . In FY2025, Seagate delivered a 39% revenue increase to $9.1B, with GAAP operating margin improving to 21% and net income of $1.469B, while exabytes shipped rose 49% to 595, contextualizing his commercial remit during a recovery in mass capacity demand . Long-term incentives link pay to return on invested capital and relative total shareholder return, reinforcing pay-for-performance alignment; the company’s multi-year TSR (fixed $100) reached $358 by FY2025, above the DJ US Computer Hardware Index at $229 . The company prohibits hedging and pledging, applies robust clawbacks, and enforces executive share ownership requirements (EVP 3× salary), which Mr. Teh met as of June 27, 2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Seagate | EVP, Chief Commercial Officer | Jul 2022–present | Leads commercial strategy and global customer engagement . |
| Seagate | EVP, Global Sales & Sales Operations | Feb 2021–Jul 2022 | Oversaw worldwide sales execution and operations . |
| Seagate | SVP, Global Sales & Sales Operations | Nov 2014–Feb 2021 | Led global sales programs and operational cadence . |
| Seagate | SVP, Asia-Pacific & Japan Sales & Marketing | Jul 2010–Nov 2014 | Directed regional sales and marketing across APJ . |
| Seagate | VP roles in APAC sales/operations | 2003–2010 | Managed Asia Pacific sales, distribution, and operations . |
| Seagate | Director/Manager roles | 1996–2003 | Country Manager South Asia; APAC distribution sales and marketing . |
| Seagate | Field Customer Engineer | 1989–1996 | Early technical customer-facing role . |
External Roles
No external public company directorships disclosed in reviewed executive biographies and proxy materials .
Fixed Compensation
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Base Salary ($) | $513,203 | $442,391 | $594,815 (SGD→USD at 0.7847) |
Performance Compensation
- EPB (Executive Performance Bonus) structure: bonus paid entirely in RSUs with a 30% premium; metrics and weighting: Revenue 40%, Adjusted Operating Margin (AOM) 40%, Total Customer Experience (TCE) 20% .
- FY2025 EPB outcome: 190% funding; Mr. Teh’s payout $1,469,193, granted as 9,874 RSUs on August 20, 2025, vesting one year from grant (pricing based on July 2025 average closing price $148.83) .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Revenue | 40% | Not disclosed | Not disclosed | 190% pool | RSUs vest on 1st anniversary of Aug 20, 2025 grant |
| Adjusted Operating Margin (AOM) | 40% | Not disclosed | Not disclosed | 190% pool | Same as above |
| Total Customer Experience (TCE) | 20% | Not disclosed | Not disclosed | 190% pool | Same as above |
Equity Awards (Grants and Structure)
- Award mix emphasizes PSUs (ROIC 75% / rTSR 25%) over 3-year periods; RSUs typically vest over 4 years; options vest over 4 years with 7-year terms .
| Award Type | Grant Date | Shares/Units | Exercise/Terms | Vesting | Grant-date Fair Value ($) |
|---|---|---|---|---|---|
| Time Option | 09-09-2024 | 28,300 | $101.34; expires 09-09-2031 | 25% at 1 year; monthly thereafter | $852,235 |
| PSUs (FY2025 cycle) | 09-09-2024 | 8,843 target | ROIC/rTSR design | Earn over 3 years | $1,831,051 |
| RSUs (annual) | 09-09-2024 | 10,610 | — | 25% at 1 year; quarterly thereafter | $1,016,332 |
| RSUs (special 1-yr) | 09-09-2024 | 1,165 | — | 100% at 1 year | $114,881 |
| PSUs (Exec Strategic Grant) | 02-20-2024 | 5,905 | Mozaic launch metrics (CY24/CY25) | 50% each year over 2 years | — (covered in FY2024 tables) |
| EPB RSUs (FY2025 outcome) | 08-20-2025 | 9,874 | Priced off July 2025 avg $148.83 | 100% at 1 year | Included in FY2025 EPB accounting |
Multi‑Year Reported Compensation (NEO Table)
| Component ($) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Salary | $513,203 | $442,391 | $594,815 |
| Share Awards | $1,865,056 | $3,486,263 | $4,122,513 |
| Option Awards | $441,677 | $760,746 | $852,235 |
| All Other Compensation | $19,524 | $8,489 | $31,518 |
| Total | $2,839,460 | $4,697,889 | $5,601,081 |
Equity Ownership & Alignment
- Beneficial ownership (Aug 22, 2025): 6,147 shares directly; 10,799 options exercisable within 60 days; 6,813 RSUs vesting within 60 days; total 23,759 (<1% of outstanding) .
- Ownership guideline: EVP 3× salary; status: Met as of June 27, 2025 .
- Anti‑hedging/pledging: Company prohibits hedging, short selling, and pledging for directors and executive officers .
| Ownership Detail | Amount |
|---|---|
| Shares Owned Directly | 6,147 |
| Options Exercisable ≤60 days | 10,799 |
| RSUs Vesting ≤60 days | 6,813 |
| Total Beneficial | 23,759; less than 1% |
| EVP Ownership Guideline | 3× salary; Met (as of 06-27-2025) |
| Hedging/Pledging Policy | Prohibited for directors/executives |
Outstanding unvested awards and estimated market value at $141.44 (06-27-2025 close):
| Category | Count (#) | Market Value ($) |
|---|---|---|
| RSUs (various grants) | 1,408; 2,996; 8,901; 10,610; 1,165 | $199,148; $423,754; $1,258,957; $1,500,678; $164,778 |
| PSUs (multi-year cycles) | 15,970; 52,730; 8,842; 26,528 | $2,258,797; $7,458,132; $1,250,612; $3,752,120 |
| Special PSUs (Exec Strategic) | 5,905 | $835,203 |
| EPB RSUs (FY2025) | 9,874 | $1,396,579 |
Employment Terms
- Severance Plan (Singapore EVP): outside CIC—20 months base salary (Singapore EVPs up to 24 months) and prorated bonus; CIC period—2.0× base salary and 1.5× target bonus, plus full vesting of unvested equity with performance measured to CIC close; no tax gross-ups; Section 280G cutback applies .
- Clawbacks: misconduct/fraud recoupment (4-year lookback), plus Dodd‑Frank Section 10D compliant executive compensation recovery for restatements over prior 3 years, regardless of fault .
Potential payments as of 06-27-2025:
| Scenario | Severance ($) | Equity Acceleration (Options/RSUs/PSUs) ($) | Health/Other ($) | Total ($) |
|---|---|---|---|---|
| Qualifying Termination (Outside CIC) | $1,931,880 | — / — / — | $3,383 outplacement | $1,935,263 |
| Qualifying Termination (Within CIC) | $1,931,880 | $3,595,702 / $3,547,315 / $9,324,432 | —; $3,383 outplacement | $18,402,712 |
| Death/Disability | — | $1,824,592 / $1,918,775 / $3,094,000 | — | $6,837,367 |
Governance, Peer Benchmarking, Say‑on‑Pay
- Compensation peer group (FY2025): ADI, AMAT, GLW, FLEX, JNPR, KEYS, KLAC, LAM, MCHP, MSI, MU, NTAP, NXPI, SWKS, WDC, ZBRA; FY2026 adds ON, PSTG; removes AMAT, JNPR (acquired by HPE) .
- Say‑on‑Pay support: 88% (2022), 96% (2023), 96% (2024) .
- Practices: no single‑trigger CIC; no excise tax gross‑ups; clawbacks; no hedging/pledging; independent comp consultant; minimum vesting; no option repricing without shareholder approval .
Performance Context (FY2025)
| Metric | FY2025 |
|---|---|
| Revenues (GAAP) | $9,097M |
| Exabytes Shipped | 595 |
| Gross Margin (GAAP) | 35% |
| Operating Margin (GAAP) | 21% |
| Net Income (GAAP) | $1,469M |
| TSR ($100 initial) | STX $358; Peer Index $229 |
Investment Implications
- Alignment: High proportion of equity is performance-contingent (PSUs tied to ROIC and rTSR); executive ownership guideline met; anti‑hedging/pledging and dual clawbacks reduce agency risk .
- Retention and CIC economics: Singapore EVP severance with enhanced CIC multiples and full equity vesting could be material in a transaction ($18.4M modeled), indicating meaningful retention value but potential deal-contingent windfall; no tax gross‑up .
- Near‑term selling pressure: EPB RSUs and special RSUs vest on one‑year anniversaries (Aug 2026 and Sep 2025/2026, respectively), which can create scheduled liquidity events; trading is subject to pre‑clearance or 10b5‑1 plans under company policy .
- Ownership scale: Direct beneficial stake is <1% but complemented by significant unvested RSUs/PSUs, consistent with EVP-level alignment and guideline compliance .
Data sources: Seagate 2025 DEF 14A and FY2025 10-K executive officer biographies.