Seagate Technology is cutting nearly 3,000 jobs and slashing some employees' salaries by as much as 25 percent.
The layoffs announced today represent 6 percent of the company's global workforce of 53,000 and come just two days after Seagate changed chief executives.
The cuts include 800 U.S.-based workers.
The Scotts Valley, Calif.-based company has seen demand for the computers that use its hard drives drop.
In addition to the job cuts, the company's CEO and other top executives will see their salaries slashed by 25 percent. Other employees will see smaller pay cuts.
The firings and salary cuts are expected to save a total of $210 million a year.
The company's shares dropped 23 cents, or 5 percent, to $4.35 in Midday trading.