Two Independent Members to be Added to Sun’s Board Of Directors
Two new independent members will be added to Sun’s Board of Directors following approval from both Sun and Southeastern Asset Management.
Southeastern Asset Management is Sun’s largest shareholder with approximately 162 million shares or 22 percent of the company’s common stock.
Commenting on the announcement, Sun CEO and President Jonathan Schwartz anticipates the appoints to “fuel new ideas, drive more innovation and accelerate business opportunities and focus.”
Southeastern Asset Management Vice President Jason E. Dunn assured the investment management firm’s confidence in Schwartz and Sun’s leadership team. “Sun product lines like Open Storage and Solaris-based Chip Multi-Threading (CMT) systems along with software infrastructure assets including Java, OpenSolaris and MySQL, illustrate Sun’s enormous growth opportunity,” Dunn said. “With the appointment of two new directors, the recently announced restructuring, over $3 billion in cash and a long history of cash generation, we are confident Sun is well positioned for long-term success.”
Listen to a podcast featuring Dunn, who offers his perspectives on this agreement between the two companies.
Tags: Board of Directors, BOD, Dunn, Schwartz, shares, Southeastern Asset Management, stock