Lehman back in Sun CFO saddle again

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Feb 21, 20062 mins

Michael Lehman will replace Steve McGowan effective Wednesday

After a four-month search, Sun Microsystems has found someone to replace outgoing Chief Financial Officer  Steve McGowan: his predecessor.

Michael Lehman, who held Sun’s CFO position during the company’s dot-com glory days, will replace McGowan, effective Wednesday, the company said Tuesday.

Lehman served as CFO from 1998 until 2002, when he retired from full-time work. He remained close to Sun, however, serving on the company’s board of directors. McGowan, Sun’s CFO since Lehman’s retirement, will remain as executive vice president of finance to ensure a smooth transition, Sun said.

“Having now tried retirement briefly, I find that I like being involved in leading change and driving the business more directly,”  Lehman said in a statement, released Tuesday.

Lehman’s surprise return may signal further changes ahead for the server vendor, according to Goldman, Sachs & Co. analysts Laura Conigliaro and David Bailey. “Mr. Lehman is probably not a change agent by himself but, at the same time, he does provide continuity … and the suggestion that more change is coming,” they wrote in a research note.

Sun has struggled since Lehman’s previous tenure, and has only rarely reported profitable quarters over the past five years.

Lehman will resign his position on Sun’s board, effective Wednesday, Sun said.