Sun Microsystems' ( SUNW) shareholders have long grumbled the company might be better off without veteran CEO Scott McNealy. With investors more willing to agitate for change these days and Sun still lagging its peers, the time seems ripe for the malcontents to raise their voices. At present, any "fire McNealy" movement is far from an inferno and appears unlikely to spark the kind of headlines of the recent shareholder revolt at Disney. But that doesn't mean it's nonexistent or without justification. Three quarters into a rebound in the server market, Sun was the only one of the top five hardware houses to see fourth-quarter revenue decline vs. last year's levels, according to market research firm IDC. The company is expected to lose money in both this current fiscal year (ending in June) and next year, and Standard & Poor's recently downgraded Sun's debt to junk status. Sun's stock has traded down 24% from its 52-week intraday high of $5.72 on Feb. 12, closing at $4.35 Thursday. By comparison, the Nasdaq Composite is down 6.3% since Feb. 12. "Sun's board has not helped management work through the changing market conditions," Banc of America analyst Keith Bachman griped in a recent note downgrading Sun . "We have been watching the Disney saga play out and can't help but wonder if or when Sun's board will get more active in realigning Sun's cost structure," Bachman wrote, referring to the 43% of Disney investors who voted against CEO Michael Eisner's reelection to the board. Despite increasing frustration from analysts such as Bachman, prospects are shaky for an overhaul of Sun's management. Sun's board of directors -- which includes Silicon Valley luminaries such as former Netscape CEO James Barksdale and John Doerr of venture capital firm Kleiner Perkins -- has been headed up by McNealy since 1984. Renowned for his combative, competitive streak, and only 48 years old, he's unlikely to consent to a smaller role.