Sometimes, rumors actually turn out to be true. Case in point: Sun Microsystems CEO Scott McNealy announced Monday he would step down as chief executive, ending a 22-year reign at the company he co-founded.
The move by McNealy, who will remain at the company as chairman, had . Sun President Jonathan Schwartz is taking over the CEO spot.
Investors seemed to welcome the change in personnel, sending the company's slumping stock up in after-hours trading.
Blog community response:
"Incoming Sun CEO Jonathan Schwartz told reporters on a conference call that he will spend (the) next 90 days reviewing the business and focusing on growth opportunities. My question--what the hell were you guys doing up until now?"
"In the end, the company, for the last six years, has been more concerned with being cool than with being profitable. The shareholders, presumably, would have preferred profitability and growth, which is supposedly what incoming CEO Jonathan Schwartz will focus on. Of course, isn't this what all CEOs are always supposed to focus on?"
"So Scott's not headed to any other C-level spots soon. But the way Scott talks, he'd have a great career in PR. And he's finally free to blog."