Update 8:42 a.m. PST: Stock market and analyst reaction have been added.
Sun Microsystems announced Friday a restructuring that involves layoffs of 15 percent to 18 percent of its global workforce.
The company's reorganization of its software operations includes the departure of Rich Green, executive vice president of software.
Sun's restructuring will result in a charge of between $500 million and $600 million over the next 12 months, with about $375 million to $450 million coming in the current 2009 fiscal year.
The company said it should start seeing cost savings in the third quarter of … Read more