Sun Microsystems chief executive Scott McNealy has
stepped down as the firm posted third-quarter losses of $217m
(£120), compared with a $28m loss in the same period last
year.
Revenues at the firm were up 21% year on year, reaching $3.18bn,
driven by recent acquisitions and sales growth in traditional
products, but the company has reported a succession of quarterly
losses in recent years.
Sun’s shares rose nearly 9% after the change of leadership was
announced.
Jonathan Schwartz, previously chief operating officer, has taken
over as chief executive, with McNealy – a co-founder of Sun –
continuing as chairman of the board.
McNealy said, “Sun has been a labour of love for me for since
1982 and it has been an honour and privilege to serve as its CEO
for the past 22 years. We've helped shape the industry as it is
today and the opportunities before us are immense.
“I look forward to a smooth transition and to working with
Jonathan on company strategy in my continued role as chairman.”
Schwartz said it was “an honour” to take the reins from “one of
the industry's true visionaries”.