Feeds

Fresh blood planned for Sun's board

Sense of urgency

SANS - Survey on application security programs

Sun Microsystems' board is getting some fresh blood with two new independent directors, after its largest investor stepped up involvement in the company.

Sun and US-private investment firm Southeastern Asset Management said Monday they've entered into an agreement to expand Sun's board with the two individuals.

The directors will be appointed "as soon as reasonably practicable" and be approved by both companies, Sun said in a release.

The move comes just over a month after Southeastern Asset Management and Sun said they were entering talks to have Sun's true economic value realized. Southeastern Asset Management is Sun's single largest investor, owning 22 per cent of stock - 162 million shares - having increased its holding with $2.1bn shares since May.

Three weeks after that particular statement, Sun announced it was laying off nearly a fifth of its 33,400-strong workforce as part of a major restructuring that saw the software group broken up and activities spread across separate divisions. The cuts also followed a $1.677bn net loss for its first quarter on $2.9bn revenue, down 7.1 per cent. Sun blamed the loss and poor performance on write downs and the poor economy.

Southeastern Asset Management is known for investing in companies with trading difficulties and under-valued assets whose value, it believes, can be realized.

In a statement, the investor said: "With the appointment of two new directors, the recently announced restructuring, over $3bn in cash and a long history of cash generation, we are confident Sun is well positioned for long-term success."

There are currently 11 directors on Sun's board, including chief executive Jonathan Schwartz, co-founder and former CEO Scott McNealy, and the former president and CEO of Netscape Communications Jim Barksdale. McNealy - the longest serving board member - and Barksdale have been on the board since 1982 and 1999 respectively. ®

High performance access to file storage

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
prev story

Whitepapers

Designing a defence for mobile apps
In this whitepaper learn the various considerations for defending mobile applications; from the mobile application architecture itself to the myriad testing technologies needed to properly assess mobile applications risk.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.