Sun CEO Scott McNealy steps down

Sun CEO Scott McNealy steps down: "Filed under: News
Sun Microsystems CEO and founder Scott McNealy is stepping down after 22 years of leading the company. McNealy will be assuming the role of chairman and 'chief evangelist,' while Sun president and COO Jonathan Schwartz will be taking over as CEO. McNealy says he's been working to get Schwartz into the driver's seat for a decade, but that he didn't want to hand over the company during t fast-moving dot-com boom nor before the company was stabilized after the bust. Sun's stocks saw an 8.6% increase in after-hours trading following the announcement.