Tuesday, April 25, 2006

Scott McNealy steps down as Sun CEO

Sun Microsystems announced Monday that its longtime chief executive Scott McNealy is stepping down from the helm and will be succeeded by the struggling computer and software company's No. 2 executive, Jonathan Scwhartz.
McNealy, 51, a Silicon Valley luminary for years, will continue as chairman of the company he co-founded in 1982. Schwartz, 40, will keep the title of president.
The changes are effective immediately and are the ``result of Sun's ongoing succession planning process'' the company said in a statement.
The shakeup followed rising speculation in recent days that the Santa Clara company, after years of struggling financially, would announce large-scale layoffs or that McNealy would step down as CEO

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