Apr 25, 2006 : Sun CEO Steps Down Amid Losses

📅 April 25, 2006 - It was reported on Tuesday that Scott G. McNealy, CEO of Sun Microsystems (sun.com) had stepped down from his post on Monday, after serving in the position for more than 22 years. He will carry on as chairman of the company.

McNealy's move comes as investors have shown frustration with the company's performance. Sun's stock price has stayed close to the single-digits for years, and the company has not shown an annual profit since 2002.

Sun veteran Jonathan Schwartz will replace McNealy in the role of CEO. Schwartz has been with Sun since the company acquired Lighthouse Design a decade ago. Schwartz, who served as CEO at Lighthouse, has reportedly been considered McNealy's planned successor for some time.

The switch will mark a focused effort by the company to turn its business around. Schwartz says Sun will spend 90 days assessing its business and looking for ways to be more efficient. The company might consider cutting some of its less profitable products or divisions.

Schwartz, however, says his plan for running the company will not differ tremendously from McNeely's.

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URL source: http://www.thewhir.com/marketwatch/042506_Sun_CEO_Steps_Down_Amid_Losses.cfm
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