The Associated Press Monday, November 18, 2002; 10:16 AM
ISLANDIA, N.Y. –– Computer Associates International Inc. on Monday announced Chairman Charles Wang, founder of the business-software maker, has retired and was succeeded by Chief Executive Sanjay Kumar.
The transition was effective immediately, the company said.
Wang, 58, who started what would become one of the world's largest software companies in 1976 with three partners, said he plans to pursue "other interests and charitable endeavors."
Shanghai, China-born Wang is active in charitable causes such as the National Center for Missing and Exploited Children, and other philanthropic activities focused on children.
Wang also retired from Computer Associates' board, which named him to the honorary position of chairman emeritus.
Kumar, 40, joined the Islandia, N.Y., company in 1987 and has served in the top post since August 2000.
He takes on the additional duties of chairman amid an investigation into Computer Associates' accounting by regulators. In recent months, the company has overhauled its board and named a corporate governance executive.
Nine of the board's dozen directors are outsiders.
Computer Associates, which had fiscal 2002 revenue of $2.96 billion, makes more than 800 software products, including enterprise management, business intelligence, storage and network management applications.
In morning trading, shares of Computer Associates rose 84 cents, or 5.6 percent, to $15.86 on the New York Stock Exchange.
