Scott isn't going, he's just stepping back from the limelight

I got up earlyish yesterday to catch our 3rd quarter earnings announcement. We did ok --- in line with Wall St estimates. That was nothing compared to the "whoa, wtf?!?!?" that I experienced when I saw Jonathan's message talking about Scott's legacy.

A quick reload on the browser for Yahoo! finance and I saw that Scott had stepped down as CEO (and that there was a USD0.40 spike in the share price).

I am so very, very glad that Scott hasn't resigned and left the company. All he's doing is taking a step backwards out of the limelight to become chairman of the board. He's still going to be part of Sun but (I hope) getting more sleep at night.

Today I read Ashlee Vance's interview with Scott. It was fine vintage Scott, from the Scott that I've known and admired for so many years.

I particularly liked this comment (page 2):


I don't have the same sense of urgency to go blow away customer value that someone who is trying to make a buck this quarter on the street who has no vested interest in the long-term shareholder value of this company has. I don't listen to that garbage.

So take that! Laura Conigliaro. And incidentally, I saw this report mentioning a portfolio manager whose company sold SUNW after the bubble burst and ".... hasn't touched Sun since." Hmmm. I've still got my SUNW stock that I bought just before the height of the bubble. I'm keeping it because I believe in this company --- what it stands for, what it produces, what it values. I'm not in the stock market to make a quick dollar.

Comments:

"I've still got my SUNW stock that I bought just before the height of the bubble. I'm keeping it because I believe in this company - what it stands for, what it produces, what it values. I‘m not in the stock market to make a quick dollar." Um. I don't want to point out the obvious, but if you sold it now, you'd be losing money, so of course you won't sell it. It has nothing to do with the company values. If you own stock, you own it to make money. Any other reason is just pure stupidity. (They're called investments, you know.).

Posted by Motley Fool on April 26, 2006 at 03:48 AM EST #

Interesting idea, that. I guess I invest in some stocks for different reasons to you.

Posted by James McPherson on April 26, 2006 at 03:52 AM EST #

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I work at Oracle in the Solaris group. The opinions expressed here are entirely my own, and neither Oracle nor any other party necessarily agrees with them.

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