Sun Founder McNealy to Step Down as Losses Mount
Scott McNealy stepped down as Sun Microsystems Inc.'s chief executive officer after failing to stem losses at the company he founded 24 years ago.
McNealy, 51, will remain chairman, Santa Clara, California- based Sun said today in a statement. President Jonathan Schwartz, 40, will become CEO after the company posted a wider third- quarter loss.
Schwartz, president since April 2004, will be charged with reviving a company that had losses totaling $4.51 billion between 2002 and 2005. Sun, the world's fourth-biggest maker of server computers that run corporate networks, has fallen behind competitors, losing market share rivals such as Dell Inc.
``Folks wanted to see new blood at the company,'' said John Buckingham.
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