Scott McNealy, co-founder of Sun Microsystems, quits as chief executive. The company has announced that he will be replaced by President Jonathan Schwartz. However, McNealy will retain the post of chairman.
As it was already being speculated since a few days, the veteran handed over the responsibility of the chef executive to Schwartz. Obviously the new chief intends to lay greater emphasis on growth and financial performance.
On the other hand McNealy is likely to shift his focus on growing market opportunities for the company across the globe. He will also take up the charge of the post of Chairman, Sun Federal that concentrates exclusively on US government business.
The share holders are seem to be upbeat hearing the news as they have pushed the stock price up by 39 cents.
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Scott McNealy steps down as chief executive of sun microsystems
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