|Subject: [NYLXS - HANGOUT] Sun CEO Scott McNealy Steps Down
|Sun CEO Scott McNealy Steps Down
By BetaNews Staff, BetaNews
April 24, 2006, 5:20 PM
Following a flurry of rumors, Sun Microsystems on Monday disclosed that
Scott McNealy, the company's founder and CEO for the past 22 years, will
step down from his chief executive position. Sun COO Jonathan Schwartz
will replace McNealy effective immediately.
McNealy's departure comes as Sun reported a quarterly net loss of $217
million as it struggles to increase revenue and market share amidst
growing competition from rivals such as IBM. McNealy will remain on as
company Chairman and will devote his time to "expanding market
opportunities," Sun said in a statement in which it called the change
part of an "on-going succession planning process."