Computer Associates International, Inc. reported that Charles B. Wang has announced his retirement as chairman and as a member of the board of directors, effective immediately. The board has elected President and Chief Executive Officer Sanjay Kumar to succeed Mr. Wang as chairman. The board also named Mr. Wang to the honorary position of chairman emeritus.
"I am pleased to have completed the transition of leadership to Sanjay, who has been a trusted colleague and a valuable partner, in a smooth and orderly way," said Mr. Wang. "It is very gratifying to have completed this important step successfully by grooming and recommending my successor. CA’s product and service offerings are strong and competitive, our business model has gained broad acceptance, and our business performance has shown undeniable signs of strength in a very difficult environment. We also have a strong board of directors that is well informed about the business and supportive of management."
"I never imagined that the company that I started with three colleagues and one product over 25 years ago would reach such great heights in this exciting industry," Mr. Wang continued.
Mr. Kumar, 40, joined CA in 1987 and has served as president and chief executive officer of Computer Associates since August 2000.
"The Board of Directors thanks Charles not only for his many contributions over the years, but also for his leadership in the way he oversaw this successful transition," said Lewis Ranieri, who will continue to serve as the board’s lead independent director. "The board’s unanimous choice of Sanjay to succeed Charles as chairman is a reflection of our confidence in the path that Sanjay has charted for the company."
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