Hours before its annual meeting is set to begin, Sun Microsystems announced on Thursday that its chief financial officer will retire at the end of the company's fiscal year.
Stephen McGowan, Sun's chief financial officer, plans to step down at the end of June. The company has launched an immediate search for his replacement.
"It has been a privilege to work at Sun for the past 14 years, and I am proud of the highly capable finance, legal, IT and global business services team we have created," McGowan said in a statement. "I am 100 percent committed to working with Sun's senior management and board of directors to ensure a smooth transition."
Before his promotion to CFO, McGowan previously served as vice president of finance, planning and administration for Sun's global-sales operations.
"While I am very sad to see truly one of the finest CFOs in the industry depart, I am excited for Steve, as he begins a new chapter in his life," McNealy said in a statement.
Sun did not disclose McGowan's post-retirement plans.
Here you go, once an iconic company now in a pitiful state. This is what happens when one spends millions of dollars to create free open source software with no business plan and driven by hatred for Microsoft. Star office and even Java was primarily and attempt to drive Microsoft out of business rather then concentrating on ones own business model. Now Sun had to accept settlement money (I call it bribe) to stay in business and its stock price is a pathetic 3 dollars . The same fate awaits most of the open source/I work for free companies.
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