Charles B. Wang (born August 19, 1944) is a businessman and philanthropist who is a co-founder and former CEO of Computer Associates International, Inc. (later renamed CA Technologies). He is currently the minority owner of the NHL New York Islanders ice hockey team and their AHL affiliates, an investor in various businesses, and philanthropists for charities including SmileTrain.
In 1976, at the age of 31, Wang launched Computer Associates, using a credit card for funding. Wang grew Computer Associates to become one of the largest software vendors in the country. Wang has written two books to help executives master technology: Techno Vision (1994, McGraw-Hill) and Techno Vision II (1997, McGraw-Hill). Wang retired from Computer Associates in 2002. He is an active philanthropist, working with organizations such as the Smile Train, the World Childhood Foundation, the Islanders' Children's Foundation and the National Center for Missing and Exploited Children, among others.
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Charles B. Wang was born in Shanghai to Kenneth and Mary Wang's parents. Charles has two brothers, Anthony W. Wang and Francis Wang. His father is a Supreme Court judge in the Republic of China. In the closing years of the Chinese Civil War which saw the Nationalist government flee to Taiwan, Wangs moved to Queens, New York, when he was eight years old. He studied at Brooklyn Technical High School in Fort Greene, Brooklyn. Mr. Wang holds a Bachelor of Science degree from Queens College and begins his computer career at the Riverside Research Institute at Columbia University.
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New York Island
Charles Wang is a minority hockey owner of New York Island hockey, where he has been a part owner in 2000, and the majority owner from 2001-2016. He then bought part of business partner Sanjay Kumar in 2004, and acquired the original Iowa Barnstormers Arena Football League franchise, transferred it to Long Island, and renamed them the New York Dragon. Wang's sometimes unorthodox decision as owner has received a mix of praise and criticism.
According to former Islanders general manager Mike Milbury, Wang "assumes that no one can put a goal over the sumo wrestlers". Milbury said that "He is one of his words, a man who desperately wants to keep the team on the Island."
Wang initially had a willingness to spend money with the goal of making the islanders competitive; However, recent team salary payments are declining as the Islands fail to reach the playoffs between the 2006-07 and 2012-13 seasons.
Wang hired Neil Smith as general manager of the Islands during the 2006 Stanley Cup final, but 40 days later Smith was fired for his unwillingness to follow Wang's "management by committee" style. Wang then gave the job to Garth Snow, who later retired from his playing position as the team's reserve goalscorer. Wang said that "philosophical distinction" is the basis for firing Smith. This series of personnel is in motion, combined with Wang's agreement on long-term contracts for Alexei Yashin and Rick DiPietro, a few years later, inspired the critical reaction of hockey journalists. Milbury reported that he had to talk to Wang about giving Michael Peca a ten-year contract.
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He is the main developer of The Lighthouse Project, the property transformation of the Nassau Coliseum and about 150 acres (0.61 km 2 ). The project includes a five-star hotel; condo; an athletic complex featuring four ice rinks, basketball facilities and a state-of-the-art health club that will serve as a training facility for the island's inhabitants and also open to the public. The development will also include sports technology center, open plaza, and conference center. The project was considered too great by Town of Hempstead Superintendent Kate Murray, who made a counter-proposal that was roughly half of what Wang originally wanted. Wang strongly rejected Murray's proposal, and decided to try to finance the construction of a new arena for the islanders with public funds, rather than paying for itself as part of the Lighthouse Project. In May 2011, Wang, along with Nassau County, embarked on a 82-day campaign for a $ 400 million bond to fund a new arena for islanders. On August 1, 2011, the proposal was defeated by a difference of 57% to 43%.
Wang has stated that he will not buy a team if he knows how difficult it is, and will not do it if he can choose again. The New York Times article details Wang's "despair" efforts to keep the team on Long Island. In the end, however, Wang could not secure a new or renovated arena in Uniondale. Jeff Wilpon, COO of Major League Baseball New York Mets, discussed the possibility of buying Islanders from Wang and moving them adjacent to the Mets home ballpark, Citi Field in Flushing, Queens. There are also reports that businessman Nelson Peltz wants to buy islanders from Wang and move them to the Barclays Center in Brooklyn. On October 24, 2012, Wang announced that the Islanders will move to Barclays Center in 2015, after the expiration of their lease at the Nassau Veterans Memorial Coliseum. In various interviews, Wang said that "it's Brooklyn, or out of town". Despite the move, the franchise will remain named as New York Islanders and they are geographically still on Long Island.
In August 2014, the NHL announced that Wang had agreed to sell "substantial minority interests in the team" to a group of investors, including Jon Ledecky and Scott D. Malkin, and that the group would "move on to majority ownership within two years".
Philanthropy
Mr. Wang is an active philanthropist and in 1999 founded the Charles B. Wang Foundation with the goal of donating to many charities focusing on improving the lives of children and persons deprived of their rights. He has worked with causes such as the Smile Train, the World Childhood Foundation, the Chinese Plainview Cultural Center and the National Center for Missing and Exploited Children, among others. His contribution was over $ 50 million to the State University of New York at Stony Brook for the construction of Charles B. Wang Center, at the time, the largest in history to the SUNY school. He also funded the expansion of the Chinatown Health Clinic, renamed the Charles B. Wang Community Health Center.
As co-founder and Chairman of Smile Train in 1999, Wang initially provided $ 30 million to cover all administrative costs and remained active in charitable efforts to help children with cleft lip and palate, in more than 80 countries.
One of the more important attributes Wang brought to his ownership of the Islands was to expand their community-based program through the Islanders Children's Foundation, which began in 2003 and has become a mainstay. Foundation works with children's health, education, and hockey youth development charity. In 2006, the team created Project Hope, which focused on developing ice hockey in China. Wang hired professional female hockey player, Angela Ruggiero, to the project as well.
In 2000, Wang and his brothers Anthony and Francis donated a new law school to Soochow University of China in honor of their father, Kenneth Wang and in celebration of the university's 100th anniversary, officially opened in 2003.
Computer Associates
Charles Wang and his colleague Russell Artzt founded Computer Associates in 1976, guiding the company to its current position as one of the world's largest independent software companies. One year later, Computer Associates became the first enterprise software company to provide multi-platform products, signaling an emphasis on compatibility and integration. In 1989, Computer Associates became the first software company to reach $ 1 billion in revenue.
Wang's ownership as CEO of Computer Associates is marked by rapid growth, often as a result of strict recruitment practices and high expectations for the executives of the acquired companies. Almost all CA managers are promoted from within, so very few managers are acquired. The newly hired salesperson has some sales experience, but not in the software. It's not uncommon for a technician to be considered for sale because the CA training program is geared toward the product, not the sales professional. Pass/fail sharp demarcation, so it is considered that inadequate sales performance means termination of employment. All told, Wang was involved in several dozen acquisitions and the facilities obtained were re-populated with CA employees.
He is also known for his commitment to a family-oriented management style, and to promote some women to management positions. In 1979, three years after the CA establishment, Wang had installed his older brother, Tony, a one-time corporate lawyer, as president and COO. Tony held the position until his retirement in 1992 to make way for Sanjay Kumar, who joined CA through the acquisition of the company's 1987 Uccel Corporation. In 1998, Nancy Li, second wife of Charles Wang, was named Chief Technology Officer ("CTO") CA. In response to criticisms of the so-called "paternalistic" management style, Wang argues that the investment community punishes CA stocks because of his refusal to overrule his family's loyalty to avoid the emergence of nepotism.
In 1998, Wang had embarked on a $ 9 billion hostile takeover for Computer Sciences Corporation (CSC) shares. The Washington Post reports CSC management's "concern" about bids by referring to "CA ties to foreigners". This is a reference reference to Wang's origins and that certain Chinese government agencies (as well as those in the US, Europe, and elsewhere) are CA clients. His advice is that being associated with CA will jeopardize CSC contracts with US government agencies. Blaming what he saw as a witch-hunt with a racial motivation, Wang declined the tender offer.
In 2000, a class action suit accused Wang, then president Kumar and one of the founders, Artzt misreported more than $ 2.5 billion in revenues in 1997, 1998, 1999, and 2000 fiscal (April to March), to artificially artificially. stock price. The previous stock options set in 1995 stipulate that a number of shares will be purchased when Computer Associates shares maintain target prices. The benchmark was fulfilled in 1998, and three joint executives received nearly $ 1 billion in Computer Associates shares with Wang himself capturing $ 700 million; he has been the highest paid CEO in the US for the last four years. Since then, at least four other class action lawsuits have been filed against Computer Associates, all of whom have named Wang specifically, and are all settled or dismissed without finding any obligation on Wang's part. When the controversy continued into dog Wang even after he returned part of the stock award, he quit as CEO in 2000, and then resigned as Chairman of the Board in 2002.
Kumar resigned as chairman and chief executive in April 2004, following an investigation into an accounting scandal that reported improper income. The federal Grand Jury in Brooklyn indicted Kumar for alleged fraud on September 22, 2004. Kumar pleaded guilty to contempt for justice and fraud securities charges on April 24, 2006.
Awards and honors
On May 3, 2009, Wang was honored by the Los Angeles Community of Chinese History in Southern California in "Celebrating Chinese Americans in Sports".
Long Island residence
Wang Oyster Bay's home on the Long Island Gold Coast is located near Sagamore Hill, home of President Theodore Roosevelt.
See also
- American Chinese in New York City
References
External links
- Project Hope Charles B Wang
- Charles B Wang Community Health Center
- Articles
- CA hit with class action lawsuit confusion - from CNN (March 11, 2002)
- Report: CA investigation focused on 1998, 1999 revenues - from the Computer World (May 20, 2002)
- Ice Capades Ã, - from Forbes (November 29, 2004)
- Smith fired only the last odd move by Isles' Wang - from SI.com (July 19, 2006)
- Charles Wang sent the wave through hockey world - from CBC Television
- Exit Charles Wang from a Computer Partner
- MERGER MANIAC
- CA History, Haefner bio., Forbes
Source of the article : Wikipedia
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