It just looks like a normal retirement to me. Street over reaction?
SANTA CLARA, Calif., April 25 /PRNewswire-FirstCall/ -- Sun Microsystems, Inc.
(NASDAQ:SUNW), a leader in systems and solutions that make the Net Work, today announced that
Michael Lehman, 51, executive vice president of corporate resources, chief financial officer, and
corporate executive officer, has decided to retire from full-time duties after nearly 15 years of service with
Sun. The company is pleased to announce that Steve McGowan, 53, vice president of finance, planning
and administration for Global Sales Operations, will succeed Lehman in his current role as executive vice
president of corporate resources and chief financial officer.
"Over the past 15 years, Mike has played an instrumental role in guiding Sun to the forefront of our
industry," said Scott McNealy, chairman and chief executive officer, Sun Microsystems, Inc. "Throughout
his career, Mike has done far more than manage operations and finance effectively. He has made it both
his personal mission and that of Sun to stand out from our competition through high-integrity financial
practices and easy-to-understand reporting."
Lehman will continue in his current role and oversee the transition until July 1, 2002, at which time he will
retire from full-time duties. Lehman will then undertake part-time teaching and mentoring assignments with
Sun's leaders and businesses. "Mike's commitment to succession planning and leadership development
means we have the right leader in Steve and that his impact will be felt for years to come," added
McNealy.
During his career at Sun, Lehman has overseen Sun's finance, legal, real estate, and information resources
functions as well as Sun's corporate planning and strategy group and its public policy efforts. Previously,
Lehman served as vice president and corporate controller of Sun, where he was responsible for the
preparation of the company's public financial information, overseeing Sun's financial staff, and coordinating
the company's outlook and budgeting processes. Before this, Lehman was the director of finance and
administration for Sun's Asian subsidiaries based in Hong Kong.
McGowan, who joined Sun in 1992, brings more than 25 years of finance experience in the computer
industry to his new position. Most recently, McGowan has served as vice president of finance, planning &
administration for Global Sales Operations, reporting to both Lehman and Masood Jabbar, executive vice
president, Global Sales Operations. In this position, McGowan has been responsible for the fiduciary and
planning functions for Global Sales Operations worldwide, managing finance, IT, workplace resources,
leasing, and Sun's demand/supply function. Before this, McGowan led the worldwide finance and planning
functions for the Computer Systems, Network Storage, and Network Service Provider organizations.
McGowan will now report directly to McNealy. |
