Twenty-two years after he helped co-found the company, Scott McNealy this week announced that he was stepping down as CEO of Sun Microsystems. McNealy will, however, stay on as Sun's chairman. Jonathan Schwartz succeeds him at the CEO post.

"Sun has been a labor of love for me since 1982, and it has been an honor and privilege to serve as its CEO for the past 22 years," McNealy said. "We've helped shape the industry as it is today and the opportunities before us are immense. I look forward to a smooth transition and to working with Jonathan on company strategy in my continued role as chairman."

Sun reports that McNealy will dedicate his time to Sun's government and academic relationships around the world and will expand his role interacting with key partners. Schwartz, meanwhile, plans to stay the course for the time being. He joined Sun in 1996 and had been president and COO since 2004.