Whoa, Bucky toothed McNealy, Co-Founder of Sun Microsystems, to Step Down immediately As CEO of Company He's Led Since 1984>>>>
Jonathan Schwartz, the company's president, will retain that position and take over as chief executive, McNealy said on a conference call to announce third-quarter results that included a wider loss on higher revenue.
McNealy will remain as Sun's chairman and a full time employee on the Santa Clara-based company.
"This isn't about me. It's about a big moment in Sun's history and I'm proud to share that with you," McNealy said on the conference call. "There's lots more work to do and I'm certainly going to stay around and support that."
McNealy, 51, co-founded Santa Clara-based Sun Microsystems in 1982, developing it into a scrappy Silicon Valley startup whose high-powered computers, called workstations, became a major staple with engineers and businesses.
In 1996, after Microsoft products began encroaching on Sun's territory, McNealy reinvented the company as a maker of computer servers, which performed the same tasks as mainframe computers for a fraction of the cost.
On Monday, Sun posted a wider fiscal third-quarter loss, as costs for acquisitions, stock-based compensation and restructuring chipped away at higher revenue.
The net loss for the three months ending March 26 was $217 million, or 6 cents a share, compared with $28 million, or 1 cent, in the same period last year. Revenue grew 5 percent to $3.18 billion from $2.63 billion as recent acquisitions boosted sales. |
