Charles B. Wang has stepped down as chairman of Computer Associates

Charles B. Wang founded Computer Associates in 1976 and made the company grow rapidly between 1980s and 1990s. The company's stock soared more than 200-fold than its first offering. In recent years, the stock has fallen 75 percent costing investors 2.5 billion. Mr. Wang will step down as chairman of Computer Associates. He is succeeded by Sanjay Kumar. During Mr. Wang's tenure, he aggressively expanded his business and was paid $700 million a year, one of the highest paid executives in the world. Reported Alex Berenson of The New York Times (Nov. 19, 2002), "the Securities and Exchange Commission and federal prosecutors are examining whether Computer Associates inflated its reported profits from 1995 through 1998, when Mr. Wang stood to receive a grant of 12.5 million shares of stock if the price reached $53.33 a share. The SEC and prosecutors are also looking into an accounting change that computer Associates made in 2000 that effectively permitted the company to report some sales and profits twice."

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