Sun bosses reap rewards

The new president of Sun Microsystems, Jonathan Schwartz, was paid $677,000 in fiscal 2004, a 56 per cent raise over 2003.

In April, Schwartz was promoted from head of the software business to the number two executive slot at the Santa Clara-based server and software company. His boss, CEO Scott McNealy, was paid $100,000 in both fiscal 2003 and 2004, according to a Wednesday filing with the US Securities and Exchange Commission.

For fiscal 2004, which ended 30 June, Schwartz's salary of around $559,000 was supplemented by a $108,000 bonus, $6,000 for other compensation and $3,500 for patent applications. In addition, he was awarded 1.5 million stock options that could be worth $9,284,000 if Sun's share price rises five per cent per year.

McNealy was also awarded 1.5 million stock options, which could be worth $9,204,000 under the same assumptions.