Sun's Scott McNealy steps down

— 10:02 AM on April 25, 2006

Scott McNealy has stepped down as Sun's CEO, leaving his place to now ex-president and COO Jonathan Schwartz. McNealy, who was perhaps best known for his unbridled jabs at Microsoft, co-founded Sun in 1982 and had been CEO since 1984. Looking back on his career at Sun, he said the following:

Sun has been a labor of love for me for since 1982, and it has been an honor 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.
McNealy will stay on as chairman of the Sun Federal subsidiary, becoming "more actively involved with the customer base than he previously was." Meanwhile, Schwartz says his emphasis as the new CEO will be on "growing the business" and expanding its consumer base. Shareholders appeared to celebrate McNealy's departure, raising Sun's share price 8% to $5.37.
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