Welch to retire April 2001---McNealy to join BOD
Sun Micro's McNealy joins GE board
By Mike Tarsala, CBS MarketWatch
Last Update: 5:10 PM ET Nov 1, 1999 NewsWatch
NEW YORK (CBS.MW) -- General Electric Co. on Monday added Sun Microsystems chief Scott McNealy to its board, the latest sign that the industrial giant is seeking to exploit
McNealy, 44, becomes one of a team of 17 helping to steer GE (GE: news, msgs), one of the world's largest services, technology and manufacturing companies. The company has 293,000 employees and a market value of roughly $445 billion.
"E-business is changing the way we at GE work and interact with our customers," GE Chairman John Welch said in a statement. "What a perfect time to have Scott's vision, entrepreneurial passion and absolute candor available to our company."
Earlier this summer, GE underscored e-business as one of its four main corporate initiatives -- the others being globalization, quality and services. Over the past few months, GE has put in place e-business leaders in each of its 12 divisions. The e-business leaders are in charge of online ventures, and finding ways to cut costs by using the Internet to handle more business functions.
McNealy, a co-founder of Sun in 1982, is recognized as one of Silicon Valley's celebrity executives. While at Stanford University, where he earned an M.B.A., he co-founded Sun, originally an acronym for the Stanford University Network.
Sun is the developer of the Java programming language. Introduced in 1995, Java is billed as a way for application developers to write programs that will run on many types of computers, and work with an array of computer operating systems.
Shares of GE fell 6 1/8 to 129 3/8.
Mike Tarsala is an online reporter for CBS MarketWatch
cbs.marketwatch.com
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GE chief John Welch to retire in April 2001
Reuters Story - November 02, 1999 08:04
NEW YORK, Nov 2 (Reuters) - General Electric Corp.'s chairman and chief executive, John Welch, one of the world's most admired executives, plans to retire in April 2001, the company said Tuesday.
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