Sun CEO McNealy resigns

“Scott McNealy has resigned his position as CEO of Sun Microsystems. His resignation, which has been rumored for months, comes in the wake of the company’s reporting disappointing earnings for the third quarter of the fiscal year. Sun announced losses of US$217 million, or 6¢ per share, on revenues of US$3.18 billion. It’s a serious downturn from last year, which saw a loss of US$28 million during the same quarter.
McNealy was one of the cofounders of Sun in 1982, and took over the CEO role in 1984. He will stay on as Chairman of the Board, while current president Jonathan Schwartz will step into the CEO office.”