Sun (JAVA): Fire CEO Schwartz And Chair McNealy And Save $4 Million
Fire the two clowns who run Sun Microsystems (JAVA) and the firm saves about $4 million in cash compensation. Compared with the 5,000 to 6,000 people the company will let go to save about $700 million the amount may seem small, but every little bit helps.
Sun has fired people in several restructurings since Jonathan Schwartz took the CEO job from Scott McNealy, a Harvard man who is one of company’s founders. The duo have managed to get the Sun stock price from $25 in October of 2007 to $4 today. It seems only right that they hold hands and leave with the people whose jobs they have been responsible for.
According to the Sun proxy, which came out in September, McNealy made $1 million in base salary and $782,000 in non-equity incentive compensation. Schwartz had a base salary of $1 million and got over $1 million in non-equity comp of his own.
Schwartz also got a $52,000 car allowance. He must have a pretty nice ride.
Douglas A. McIntyre