Sun CEO Schwartz reportedly set to resign
Source: Sun Microsystems According to a report by John Paczkowski quoting sources close to Sun, Jonathan Schwartz, who has been the CEO of server and Unix specialist Sun Microsystems since April 2006, intends to resign from his post. In his report on the Wall Street Journal's All Things Digital blog, Paczkowski says the CEO's departure is likely to coincide with the completion of the takeover of Sun by Oracle. The takeover was recently approved by the European Commission, having been cleared by the US competition authorities some time ago.
Tomorrow (Wednesday), the CEO of Oracle intends to present his company strategies and plans for moving forwards after the takeover. The Wall Street Journal blog reports that Schwartz, who expressed his "final thoughts" in a memo to his employees last week, is due to receive $12 million from a severance package he negotiated. Apparently, Schwartz also owns company shares worth about $5.1 million.
- European Commission approves Oracle's acquisition of Sun, a report from The H.