Charles Wang
Charles Wang | ||
---|---|---|
王嘉廉 | ||
Hanyu Pinyin Wáng Jiālián | [wǎŋ tɕjáljɛ̌n] | |
Wade–Giles | Wáng Chiā-Lién |
Charles B. Wang (Chinese: 王嘉廉; pinyin: Wáng Jiālián; August 19, 1944 – October 21, 2018) was a Chinese-American billionaire, businessman, and philanthropist, who was a co-founder and CEO of Computer Associates International, Inc. (later renamed CA Technologies). He was a minority owner (and past majority owner) of the NHL's New York Islanders[1] ice hockey team and their AHL affiliate.
In 1976, at age 31, Wang (pronounced "Wong") launched
Early life
Charles B. Wang was born in
Business
Computer Associates
Wang and his business partner
Wang's tenure as CEO of Computer Associates was marked by rapid growth, frequently as a result of strict hiring practices and high expectations for executives of acquired companies. Nearly all of Computer Associates' managers were promoted from within, so very few acquired managers were kept. Newly hired salespeople had some sales experience, but specifically not in software. A Master's Degree in Business Administration held little to no value at CA, so employment candidates and acquired employees with MBAs were typically rejected. It was unusual for a technician to be considered for sales because the firm's training program was geared toward products instead of professional selling. The pass/fail demarcation was sharp, so perceived inadequate sales performance meant termination. All told, Wang engaged in several dozen acquisitions and those acquired facilities were repopulated with Computer Associates employees.
He was also known for his commitment to a family-oriented management style, and for promoting several women to management positions. In 1979, three years after the company's founding, 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
In 1998, Wang had initiated a $9 billion hostile takeover for the shares of Computer Sciences Corporation (CSC). The Washington Post reported CSC management's "concern" about the tender offer by alluding to Computer Associates' "ties to foreigners." It was a pointed reference to Wang's origin and that certain Chinese government institutions (as well as those in North America, Europe and elsewhere) were Computer Associates clients. The suggestion was that becoming linked with Computer Associates would jeopardize CSC's contracts with U.S. government agencies. Blaming what in his view was a witch-hunt with racial motivations, Wang dropped the tender offer.
In 2000, a
Kumar resigned as chairman and chief executive in April 2004, following an investigation into the accounting scandal which improperly reported revenue. A federal grand jury in Brooklyn indicted Kumar on fraud charges on September 22, 2004.[8] Kumar pleaded guilty to obstruction of justice and securities fraud charges on April 24, 2006.[9]
New York Islanders
Wang was a minority owner of the New York Islanders of the National Hockey League (NHL) franchise, of which he had become a part-owner in 2000, and majority owner from 2001 to 2016. He later purchased the share of business partner Sanjay Kumar in 2004, and acquired the original Iowa Barnstormers Arena Football League franchise, moving them to Long Island and renaming them the New York Dragons. Wang's sometimes unorthodox decisions as owner received a mixture of praise and criticism.
According to former Islanders general manager Mike Milbury, Wang "assumed that nobody could put a goal past a sumo wrestler". Milbury said that "He was a man of his word, a guy who desperately wanted to keep the team on the Island."[10]
Wang initially had a willingness to spend money with the goal of making the Islanders competitive; however, recent team payrolls decreased as the Islanders failed to reach the playoffs between the 2006–07 and 2012–13 seasons.
Wang hired
A
He was the master developer of
Wang had stated that he would not have bought the team if he knew how difficult it would be, and would not do so if he had the choice over again.[14] A New York Times article detailed Wang's "desperate" attempts to keep the team on Long Island.[15][16] Ultimately, however, Wang was unable to secure a renovated or new arena in Uniondale. Jeff Wilpon, the COO of Major League Baseball's New York Mets, discussed the possibility of buying the Islanders from Wang and moving them adjacent to the Mets' home ballpark, Citi Field in Flushing, Queens.[17] There were also reports that businessman Nelson Peltz wanted to buy the Islanders from Wang and move them to the Barclays Center in Brooklyn.[18] On October 24, 2012, Wang announced that the Islanders would move to the Barclays Center in 2015, after the end of their lease at the Nassau Veterans Memorial Coliseum.[19] In various interviews, Wang said that "it was Brooklyn, or out of town".[20] Despite the move, the franchise retained the New York Islanders name as they were geographically still on Long Island, and after a short second tenure at the Coliseum moved to the new UBS Arena in Elmont, New York in 2021.[10]
In August 2014, the NHL announced that Wang had agreed to sell "a substantial minority interest in the team" to a group of investors, including Jon Ledecky and Scott D. Malkin.
Philanthropy
Wang was an active
As the co-founder and chairman of Smile Train in 1999, Wang gave a $30 million initial gift to cover all administrative expenses and henceforth remained active in the charity's efforts to help children with cleft lip and palates, in more than 80 countries.
One of the more important attributes that Wang brought to his ownership of the Islanders was to expand their community-based programs through the Islanders Children's Foundation, which started in 2003 and has become a mainstay. The foundation works with children's health, education, and youth hockey development charities. In 2006, the team created Project Hope, which is focused on developing ice hockey in China. Wang recruited women's professional hockey player, Angela Ruggiero, to the project as well.[21]
In 2000, Wang and his brothers, Anthony and Francis, donated a new law school to China's Soochow University in honor of their father Kenneth Wang and in celebration of the university's 100th anniversary,[22] it opened officially in 2003.
Awards and honors
On May 3, 2009, Wang was honored by the Los Angeles Chinese Historical Society of Southern California in "Celebrating Chinese Americans in Sports".[23]
Personal life and death
Wang's
Wang died of lung cancer at his home in Cove Neck on October 21, 2018, at the age of 74.[25][26]
Wang was survived by his mother; two brothers, Anthony and Francis; his wife, Nancy Li; and three children – Kimberly Dey, with his first wife, Ingrid S. Wang, and Jasmine and Cameron, with Ms. Li. He was also survived by three grandchildren.
See also
References
- ^ "Charles Wang: Executive Profile & Biography – Businessweek". investing.businessweek.com. 2012. Retrieved 30 October 2012.[dead link]
- ^ "Software's Tough Guy, Part 1". Businessweek. 2000-03-05. Archived from the original on November 14, 2011. Retrieved 2012-06-20.
- ^ Alex Berenson (April 8, 2004). "3 Guilty Pleas Expected Today in Computer Associates Case". The New York Times.
- ^ "The Package That Launched a Dozen Lawsuits". Businessweek.com. 2000-04-17. Archived from the original on August 16, 2000. Retrieved 2012-06-20.
- ^ "CA to Pursue Claims Against Founder Charles Wang (Update3)". Bloomberg. April 13, 2007.
- ^ "Computer Associates Founder Charles Wang Government's Next Target | PowerBuilder Journal". Pbdj.sys-con.com. Archived from the original on 2012-03-12. Retrieved 2012-06-20.
- ^ "CA Founder Wang 'Personally Directed' Fraud, Ex-Chief Says". Bloomberg. September 4, 2008.
- ^ "CA's ex-CEO is indicted on fraud". CNN. September 22, 2004.
- ^ "Ex-CA chief Kumar pleads guilty". CNN. April 24, 2006.
- ^ a b c Richard Sanomir (October 24, 2012). "An Owner With Some Eyebrow-Raising Moves". The New York Times.
- ^ Diamos, Jason (July 20, 2006). "Owner of the Islanders Dares to Be Different". The New York Times.
- ^ Botte, Peter (2011). "New York Islanders owner Charles Wang, Nassau County officials pitch $400M arena project – New York Daily News". articles.nydailynews.com. Retrieved 2 June 2011.
- ^ Caldwell, Dave (August 2, 2011). "Nassau Voters Reject Proposal to Fix Coliseum". The New York Times. Retrieved 2 August 2011.
- ^ "New York Islanders owner Charles Wang regrets buying struggling team – ESPN". Sports.espn.go.com. 2009-05-03. Retrieved 2012-06-20.
- ^ "An Owner With Some Eyebrow-Raising Moves". The New York Times. 2012-10-12.
- ^ Reprints, Steve Hamm (12 November 2009). "Charles Wang's Messy Second Act". Bloomberg.com. Retrieved 2016-05-03.
- ^ Mennella, Dan (2010-05-12). "Mets, Isles talk about arena near Citi". MLB.com. Retrieved 2010-05-12.
- ^ Hirshon, Nicholas (January 7, 2011). "Brooklyn-Queens battle for the Islanders team brewing". Daily News. New York.
- ^ "New York Islanders following Nets to Brooklyn". ESPN.com. 24 October 2012. Retrieved 24 October 2012.
- ^ "Wang WFAN Summary: " It Was Brooklyn Or Out Of Town "".
- ^ Brett Hoover. "Angela Ruggiero". Ivy @ 50. Retrieved 16 April 2010.
- ^ "Kenneth Wang School of Law – PH Tuan, Architect – Soochow University, Suzhou, China". Aa2sbu.aasquared.org. 2002-10-22. Archived from the original on 2011-07-24. Retrieved 2012-06-20.
- ^ CHSSC News and Notes April 2009 Archived 2011-03-12 at the Wayback Machine
- ^ Anthony Bianco (March 6, 2000). "Software's Tough Guy". BusinessWeek. Archived from the original on October 23, 2012. Retrieved 2012-06-20.
- ^ "Attorney: Charles B. Wang, former Islanders owner, dies". Newsday. Retrieved 2018-10-21.
- ^ "Charles Wang, Former New York Islanders Owner, Dies at 74 - The New York Times". www.nytimes.com. Archived from the original on 2018-10-22.