In a move similar to the latest announcement from Western Digital, Seagate has announced that it, too, will shed 2,950 jobs in an effort to weather the current economic downturn in the storage arena. The biggest surprise in this announcement is, perhaps, that the CEO will take a 25 percent pay cut and other managers will be taking pay cuts, as well.

The loss of 2,950 jobs globally will be spread out across all divisions of the company’s 54,000 employees worldwide. The Seagate operations in the U.S. will lose an estimated 800 jobs alone.

Like Western Digital, Seagate is citing lower demand for its products as the main reason for the cuts. Seagate is estimating that the job cuts will save the company at least $130 million per year, and the pay cuts should save the company about $80 million more.