Charles Wang

This article is about the businessman. For other uses, seeCharles Wang (disambiguation).

In thisChinese name,thefamily nameisWang.

Charles Wang
Vương gia liêm
Wang in 2016
Born	(1944-08-19)August 19, 1944 Shanghai,China
Died	October 21, 2018(2018-10-21)(aged 74) Cove Neck, New York,U.S.
Occupations	Owner,New York Islanders Investor
Known for	Co-founder,CA Technologies
Spouse(s)	Ingrid S. Wang (div) Nancy Li
Children	3
Chinese name
Chinese	Vương gia liêm
Transcriptions Standard Mandarin Hanyu Pinyin Wáng Jiālián [wǎŋ tɕjáljɛ̌n] Wade–Giles Wáng Chiā-Lién

Charles B. Wang(Chinese:Vương gia liêm;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 renamedCA Technologies). He was a minority owner (and past majority owner) of theNHL'sNew York Islandersice hockeyteam and theirAHLaffiliate.

In 1976, at age 31, Wang (pronounced "Wong" ) launchedComputer Associates,using credit cards for funding. Wang then grew Computer Associates into one of the country's largest ISVs (independent software vendors). Wang authored two books to help executives master technology:Techno Vision(1994, McGraw-Hill) andTechno Vision II(1997, McGraw-Hill). Wang retired from Computer Associates in 2002. He was an activephilanthropist,working with such organizations asSmile Train,theWorld Childhood Foundation,the Islanders Children's Foundation and theNational Center for Missing and Exploited Children,among others. In January 2022, the new UBS Arena in Belmont, home of the New York Islanders, raised a plaque to honor Wang for all his work and dedication to the team. Wang's net worth was estimated to be $17.6 billion.

Early life

Charles B. Wang was born inShanghaito parents Kenneth and Mary Wang. He has two brothers, Anthony W. Wang and Francis Wang. His father was aSupreme Courtjudge in theRepublic of China.In the closing years of theChinese Civil Warwhich saw theNationalist governmentflee toTaiwan,the Wangs moved toQueens,New York Citywhen he was eight years old. He attendedBrooklyn Technical High SchoolinFort Greene,Brooklyn.Wang earned aBachelor of Sciencedegree fromQueens Collegeand began his computer career atColumbia University's Riverside Research Institute.

Business

Computer Associates

Wang and his business partnerRussell ArtztestablishedComputer Associatesin 1976, guiding the company toward its current standing as one of the largestISVsin the world. One year later, Computer Associates became the first enterprise software company to provide multi-platform products, foreshadowing its ongoing emphasis on compatibility and integration. By 1989, Computer Associates became the second software-only company to reach US$1 billion in revenues.

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 forSanjay Kumar,who joined the company via its 1987 surprising acquisition of archrivalUccelCorporation. In 1998, Nancy Li, Charles Wang's second wife, was named the company'sChief Technology Officer( "CTO" ). Responding to criticism over his so-called "paternalistic" management style, Wang had argued that the investment community punished Computer Associate's stock price because of his refusal to override his sense of familial loyalty to avoid the appearance of nepotism.

In 1998, Wang had initiated a $9 billion hostile takeover for the shares ofComputer Sciences Corporation(CSC).The Washington Postreported 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, aclass-actionlawsuit accused Wang, then president Kumar and co-founder Artzt of wrongly reporting more than $2.5 billion in revenue in its 1997, 1998, 1999 and 2000 fiscal (April through March) years in order to artificially inflate the stock price. A previous stock option set in 1995 specified that a certain number of shares would vest when Computer Associates' shares sustained a target price. The benchmark was met in 1998, and the three executives combined received nearly $1 billion in Computer Associates stock with Wang himself netting $700 million; he had already been the highest paid CEO in the U.S. for the prior four years.Since then, at least four other class-action suits were filed against Computer Associates, all of which had named Wang specifically, and all of which were settled or dismissed without finding any liability on Wang's part. As the controversy continued to dog Wang even after he returned a portion of the stock award, he quit as CEO in 2000 and later resigned as chairman of the board in 2002.

Kumar resigned as chairman and chief executive in April 2004, following an investigation into the accounting scandal which improperly reported revenue. A federalgrand juryinBrooklynindicted Kumar on fraud charges on September 22, 2004.Kumar pleaded guilty to obstruction of justice andsecurities fraudcharges on April 24, 2006.

New York Islanders

Wang was a minority owner of theNew York Islandersof theNational 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 partnerSanjay Kumarin 2004, and acquired the original Iowa BarnstormersArena Football Leaguefranchise, moving them to Long Island and renaming them theNew York Dragons.Wang's sometimes unorthodox decisions as owner received a mixture of praise and criticism.

According to former Islanders general managerMike 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."

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 hiredNeil Smithas the Islanders' general manager during the2006 Stanley Cup Finals,but 40 days later Smith was fired due to his unwillingness to adhere to the "management by committee" style of Wang. Wang then gave the job toGarth Snow,who subsequently retired from his playing position as the team's backupgoaltender.Wang said that "philosophical differences" were the basis for firing Smith. This series of personnel moves, combined with Wang's approval of long-term contracts forAlexei Yashinand goaltenderRick DiPietroseveral years later, inspired a critical reaction from hockey journalists.Milbury reported that he had to talk Wang out of givingMichael Pecaa ten-year deal.

AForbesarticle investigated why certainNHLfranchises could remain profitable despite poor attendance and overall league unprofitability. They found that several league owners under-reported their cable broadcast revenue; they specifically accused Wang of excluding half of the $17 million paid to the Islanders for the 2003 cable broadcast season. Wang made numerous efforts to build a new arena in Nassau County, as the Veterans Memorial Coliseum was the second-oldest active arena, and the Islanders lease ended in 2015.

He was the master developer ofThe Lighthouse Project,a property transformation of theNassau Coliseumand surrounding 150 acres (0.61 km²). The project was to have included a five-star hotel; condominiums; an athletic complex featuring four ice rinks, a basketball facility, and a state-of-the-art health club that would have served as the Islanders' practice facility and would have also been open to the public. The development would also have included a sports technology center, open-air plaza, and conference center. The project was deemed to be too large by Town ofHempsteadSupervisorKate Murray,who made a counter-proposal that was about half the size of what Wang had originally intended. Wang balked at Murray's proposal, and decided to try to finance the building of a new arena for the Islanders with public funds, rather than paying for it himself as part of the Lighthouse Project. In May 2011, Wang, along with Nassau County, started an 82-day campaign for a $400 million bond to fund a new arena for the Islanders. On August 1, 2011, the proposal was defeated by a margin of 57% to 43%.

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.ANew York Timesarticle detailed Wang's "desperate" attempts to keep the team on Long Island.Ultimately, however, Wang was unable to secure a renovated or new arena inUniondale.Jeff Wilpon,the COO ofMajor League Baseball'sNew York Mets,discussed the possibility of buying the Islanders from Wang and moving them adjacent to the Mets' home ballpark,Citi FieldinFlushing, Queens.There were also reports that businessmanNelson Peltzwanted to buy the Islanders from Wang and move them to theBarclays CenterinBrooklyn.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.In various interviews, Wang said that "it was Brooklyn, or out of town".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 newUBS ArenainElmont, New Yorkin 2021.

In August 2014, the NHL announced that Wang had agreed to sell "a substantial minority interest in the team" to a group of investors, includingJon LedeckyandScott D. Malkin.

Philanthropy

TheCharles B. Wang Center

Wang was an activephilanthropistand in 1999 established theCharles B. Wang Foundationwith the goal of donating to numerous charities that focused on bettering the lives of children and the disenfranchised. He worked with such causes asSmile Train,theWorld Childhood Foundation,thePlainview Chinese Cultural CenterArchived2013-06-19 at theWayback Machineand theNational Center for Missing and Exploited Children,among others. His donation of over $50 million toStony Brook Universityfor the construction of theCharles B. Wang Centerwas, at the time, the largest in history to aState University of New Yorkschool. He also funded the expansion of the Chinatown Health Clinic which was renamed theCharles B. Wang Community Health Center.

As the co-founder and chairman ofSmile Trainin 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 createdProject Hope,which is focused on developing ice hockey in China. Wang recruited women's professional hockey player,Angela Ruggiero,to the project as well.

In 2000, Wang and his brothers, Anthony and Francis, donated a new law school to China'sSoochow Universityin honor of their father Kenneth Wang and in celebration of the university's 100th anniversary,it opened officially in 2003.

Awards and honors

On May 3, 2009, Wang was honored by the Los AngelesChinese Historical Society of Southern Californiain "Celebrating Chinese Americans in Sports".

Personal life and death

Wang'sCove Neckmansion on theGold CoastofLong Islandis located nearSagamore Hill,PresidentTheodore Roosevelt's home.

Wang died of lung cancer at his home in Cove Neck on October 21, 2018, at the age of 74.

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

• Chinese people in New York City
• Taiwanese people in New York City

External links

• Charles B Wang Project Hope
• Charles B Wang Community Health Center