| Setting Sun: McNealy Steps Down |
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| Written by Mike Buetow | |||
| Tuesday, 25 April 2006 10:49 | |||
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SAN JOSE -- Scott McNealy, 51, today stepped down as chief executive of Sun Microsystems, the computer systems company he cofounded in 1982. He remains chairman, while Jonathan
Schwartz, 40, was named to replace him. Schwartz has been president and chief operating officer of Sun since 2004, when the company he was chief executive of, Lighthouse Design, was acquired by Sun. Under fire for Sun's lagging stock price, McNealy called the move "my decision that was supported by the board." The company insisted that Sun was not about to change course. "Jonathan and I are highly aligned, it's crystal clear," McNealy said. Schwartz said the company would review its $2 billion R&D budget over the next 90 days to make sure the company was "aligned for growth." In a report issued today, a Deutsche Bank analyst echoed that sentiment. Chris Whitmore said he expects Sun to cut up to 10$ of its workforce but called a major unrestructuring "unlikely."Schwartz was Sun's executive vice president for software from 2002 to 2004 and is credited with revolutionizing the company's software strategy with the introduction of Java Enterprise System and launch of the Java Desktop System. Prior to that he directed the company's long-range planning and corporate development activities, including mergers and acquisitions and Sun's venture capital portfolio, as the senior vice president of corporate strategy and planning. McNealy helped launched Sun while at Stanford University 24 years ago. The company was named after the Stanford University Network.
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