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Sun (JAVA): Fire CEO Schwartz And Chair McNealy And Save $4 Million

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By Douglas A. McIntyre Updated Published
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RonaldmcdonaldFire 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

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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