Elder Wang Steps Aside for Son
LOWELL, Mass. (AP) _ Frederick Wang has been named to assume the presidency of Wang Laboratories Inc. from his father, An Wang, the firm’s founder, who will remain as chairman and chief executive.
An Wang charged his son to double the size of the $2.7 billion electronics company within a decade.
″I welcome the challenge of achieving Dr. Wang’s vision of a $5 billion company in the early 1990s,″ the new 36-year-old president said Wednesday.
An Wang, 66, an electronic engineer who built a second-floor workshop into a worldwide maker of computers and word processors, relinquished the presidency for the second time in the wake of financial troubles.
Frederick Wang, a 14-year employee of the firm his father founded 35 years ago, was promoted by Wang directors from executive vice president and also will remain corporation treasurer.
″I will continue my responsibility in research and development, manufacturing and as treasurer,″ Frederick Wang said. ″My role will be on the operating side of things while the doctor will continue to spend time on strategy and the longer-term vision of the company.″
The announcement followed disclosure last month of a $30 million first- quarter loss, which in turn followed further losses and layoffs that spurred An Wang to return in July 1985 to the presidency he gave up in January 1983.
The elder Wang said in a statement issued by the company he will remain as chairman and chief executive officer and has ″no plans to retire.″
Frederick Wang became the company’s director of office systems marketing in 1976, then between 1980 and 1985 headed the company’s research and development department, becoming executive vice president and chief development officer.
He assumed responsibility for worldwide manufacturing in 1985.
The elder Wang, born in Shanghai, remained in the United States after studying at Harvard University during World War II.
He developed in 1948 the magnetic core that served as a basic computer component until the development of microchips. He started his company in 1951 in a workshop over an electrical fixtures store in downtown Boston. Wang Laboratories developed the first desk-top calculator in 1964.