Ed Zander resigns from Sun Microsystems
COO and President of Sun, Ed Zander, has announced that he will retire from the company at the end of June.
Ed Zander, COO and president of Sun Microsystems has announced that he will retire from Sun at the end of June. Zander, a fifteen year veteran of the hardware vendor, will hand over the day to day running of the company to CEO and chairman Scott McNealy, although no official replacement has been named.
No specific reason was given for 55 year old Zander’s departure, although the company has seen a number of other resignations, and financial losses over the past three quarters. Sun’s revenues are down by an average of $4.2 billion this year from the two previous years. CFO Michael Lehman and head of computer services John Shoemaker both resigned last month.
In a company statement, Zander was upbeat: “I am proud of all that we have achieved at Sun. This is a decision I have considered carefully over the past year. As we are marching down the path back to profitability, and have, for the most part completed our massive product and customer engagement transitions, I believe I have accomplished what I set out to do,” he said. “I am leaving Sun on a high note and in the hands of a new generation of leaders that are the result of years of leadership development and succession planning.”
Wall Street reacted unfavorably following the announcement yesterday morning, with Sun stock dropping 14% to a new 52-week low of $7. The market was surprised by the move—Zander is very much recognised as a competent and respected executive, and a pro-channel vendor.
Scott McNealy was full of praise for his departing COO. “Over the last fifteen years, Ed has worked tirelessly to lead Sun through several transformations and to the forefront of the computer industry. Any company should be so lucky as to have a COO like Ed,” McNealy said.