Sun Microsystems, shareholder agree to new board members

By Lisa Kerner

Charlotte, N.C., Dec. 8 - Sun Microsystems, Inc. and shareholder Southeastern Asset Management, Inc. agreed to add two new independent members to Sun's board of directors "as soon as practicable."

Southeastern is Sun's largest shareholder with a 22% stake in the Santa Clara, Calif., networking computing technologies company.

"We fully support Sun's chief executive officer Jonathan Schwartz and his leadership team in their efforts to continue driving near-term efficiencies and long-term growth," Southeastern principal Jason E. Dunn said in a company news release.

"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," Dunn added.

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