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twitterTech giant’s shares slump on executive departure
Wednesday, May 1, 2002 | 9:33 a.m.
SAN JOSE, Calif. -- In the latest high-profile retirement at Sun Microsystems Inc., President and Chief Operating Officer Ed Zander said today he is stepping down after more than 15 years at the company.
Zander, 55, will be replaced by the company's chief executive, Scott McNealy.
Shares of Sun sank below a 52-week low after the announcement today, falling $1.10, or more than 13 percent, to $7.08.
Zander is the fourth high-ranking Sun official in recent weeks to announce plans to step down.
"I know it looks like a flurry here," McNealy said. "I think it's been positive and planned out. We are on plan in executing just about everything we wanted to do here from a management succession and organization structure perspective."
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