Seagate Technology’s (NASDAQ:$STX) stock took quite a fall today after the company released its fiscal fourth-quarter earnings on July 25. Not only did the earnings report fall short of analyst expectations, the company also announced that its CEO Steve Luczo will be leaving Seagate. As of 12 PM EDT, Seagate’s stock had declined by about 15%.

In its fiscal fourth quarter, Seagate saw a revenue of $2.4 billion with a non-GAAP earnings per share of $0.65. That was against analysts’ predictions of a $2.56 billion in revenue with a non-GAAP earnings per share of $0.98. The company also reported an adjusted gross margin of 28.9%, along with $2.5 billion in cash on its balance sheet.

Seagate’s cash dividend is $0.63 per share for its fiscal fourth-quarter. The dividend will be payable to shareholders as of September 20, 2017.

What’s next for Seagate?

Investors are largely concerned over changes in Seagate’s management. Effective October 1, 2017, Luczo will be stepping down as CEO and becoming executive chairman of Seagate. Stepping into Luczo’s vacant position will be Seagate’s chief operating officer (COO) Dave Mosley. The decision was made by the board after an unanimous vote.

Still, the company remains positive regarding its future and growth. “Although the near-term dynamics of technology shifts present demand variations for the storage industry from time to time, we continue to see growing storage demand in the long run, driven by the proliferation of data growth from new technologies, emerging industries, and growing businesses,” Luczo said.

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