Sun Microsystems and Southeastern Asset Management Agree to Appoint New Independent Members to Sunís Board of Directors
SANTA CLARA, CA.- Sun Microsystems, Inc. (NASDAQ: JAVA) and value investment firm, Southeastern Asset Management, Inc., today announced that they have entered into an agreement to add two new independent members to Sunís Board of Directors. Southeastern is Sunís largest shareholder and currently holds approximately 162 million shares, or 22 percent, of Sunís common stock.
Under the terms of the agreement, Sun will add two new independent directors to its Board. The appointments, to be approved by both companies, will occur as soon as reasonably practicable.
ďWe fully support Sunís CEO, Jonathan Schwartz, and his leadership team in their efforts to continue driving near-term efficiencies and long-term growth,Ē said Jason E. Dunn, Vice President and Principal, Southeastern Asset Management, Inc. ďSun product lines like Open Storage and Solaris-based Chip Multi-Threading (CMT) systems along with software infrastructure assets including Java, OpenSolaris and MySQL, illustrate Sunís enormous growth opportunity. 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.Ē
ďSoutheastern is a knowledgeable partner and investor that has demonstrated great commitment to our long-term vision and success,Ē said Schwartz. ďBringing complementary world-class talent to our board community only helps Sun fuel new ideas, drive more innovation and accelerate business opportunities and focus. Sun is committed to do whatís necessary to deliver maximum value to its customers and shareholders.Ē
The majority of Sunís board members are independent and represent a broad range of industries and expertise. For more information on Sunís Board of Directors, please visit http://www.sun.com/company/cgov/board.jsp.
For more details on todayís announcement, please visit http://www.sun.com/news to hear a podcast featuring Southeasternís Jason Dunn discussing his perspectives on this agreement.
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