Sun CEO set to resign
In April 2006, Jonathan Schwartz was handed the reins to return the company to its glory days. Now that Sun is set to be swallowed up by Oracle, Schwartz is leaving, sources tell All Things Digital.
If Sun CEO Jon Schwartz's recent all-hands memo to employees had all the sentimentality of a farewell letter, it's likely because he's preparing to leave the company. Sources close to Sun tell me Schwartz will soon resign as CEO, leaving the company in the hands of new owner Oracle and its very profit-minded leadership. An announcement date hasn't yet been set.
When he was appointed CEO in April 2006, Schwartz was charged with restoring Sun to its glory days. Sadly, he was unable to do it. And while he came up with some inventive strategies--buying MySQL, open-sourcing Java, and Solaris--none were of much benefit to Sun financially. So now, with the former Silicon Valley icon about to become another acquisition notch in Oracle's belt, Schwartz is leaving.
With his pockets full. According to Sun's definitive proxy statement, Schwartz stands to earn about $12 million from the severance package he negotiated, plus another $5.1 million or so for the shares he still holds in the company.
"Go, Oracle," indeed.
Sun has not yet responded to requests for comment.