Sun CFO McGowan To Retire

The Santa Clara, Calif., computer maker said it has launched an immediate search for McGowan's replacement.

McGowan, who has worked at Sun for 14 years, said it has been a "privilege" to work at the company and promised to help in the move to a new CFO.

"I am 100 percent committed to working with Sun's senior management and board of directors to ensure a smooth transition," he said in a company statement.

Scott McNealy, chairman and chief executive of Sun, said it was an "honor to work side-by-side with Steve over the past several years."

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"While I am very sad to see truly one of the finest CFOs in the industry depart, I am excited for Steve as he begins a new chapter in his life and have the highest degree of confidence in the world-class Finance, Legal, IT and Global Business Services organization he leaves behind," McNealy said.

Before becoming CFO, McGowan served as vice president of finance, planning and administration for Sun's global sales operations.