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.
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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”.