Sun Microsystems is bleeding in every way possible.

In the latest blow to this struggling IT company, its sales chief Don Grantham has vamoosed to HP.

On Monday, HP named Don Grantham senior vice president and chief sales officer, effective immediately.

Grantham will report to Ann Livermore, executive VP of the Technology Solutions Group at HP, and be responsible for HP’s enterprise accounts and public sector sales.

Grantham also will lead sales for the Communications, Media and Entertainment; Financial Services; and Manufacturing and Distribution industries at HP.

As if the above were not weighty responsibilities, Grantham will also lead worldwide alliance sales, sales compensation, global pre-sales, sales support, sales operations and go-to-market effectiveness.

At HP, Grantham replaces Andy Mattes, who was recently appointed senior vice president and general manager of HP’s Outsourcing Services business.

Meanwhile, Sun named Peter Ryan executive VP of Sun’s Global Sales and Services organization, reporting to ponytail blogger Jonathan Schwartz.

Ryan was previously senior VP of Sun’s Americas Sales Region, where he was responsible for Sun’s revenues, margin and business objectives across Canada, Latin America and the United States and before that was senior VP of Sun’s Global Sales and Services organization in Europe, Middle East and Africa.

We doubt Sun management’s effete attempts to set right the violently tilting ship will go anywhere; it just amounts to rearranging the chairs on the deck of this Titanic that is slowly but inexorably sinking.