Shares of Seagate plunged 16.5% after the company reported fiscal fourth-quarter financial results and announced a leadership transition. The data storage specialist said that revenue fell more than 9% from the year-ago quarter, dramatically underperforming the smaller drop that most investors had expected, and adjusted earnings came in about a third less than the consensus forecast among those following the stock. Seagate also said that CEO Steve Luczo will leave his role at the end of September, giving way to current COO Dave Mosley and taking on the role of executive chairman of Seagate's board. With the move, Mosley said he hopes to "lead Seagate into the next era of leadership in the storage technology market," but investors didn't seem so upbeat about the company's prospects in light of recent trends.