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From the News Desk
Friday, 1. September 2006
Sun Scott McNealy Steps Down as CEO; Schwartz is New CEO
Computer maker Sun Microsystems founder and Chief Executive Officer Scott McNealy has stepped down from his position. Chief Operating Officer, Jonathan Schwartz succeeds McNealy, 51, who will continue serving as chairman of the board and a full time employee. Schwartz also retains the title of president.
McNealy’s departure comes as the company reported quarterly net loss of USD 217 million. Shares of the company rose nearly 9 percent to USD 5.42 after the company announced the transition. The company’s shares have never recovered from its high of USD 64 in 2000 and are down nearly 90 percent.
McNealy’s departure comes as the company reported quarterly net loss of USD 217 million. Shares of the company rose nearly 9 percent to USD 5.42 after the company announced the transition. The company’s shares have never recovered from its high of USD 64 in 2000 and are down nearly 90 percent.
