Wang Labs names computer novice president and chief operating officer
Article Abstract:
Richard W. Miller, who has never before worked in the computer industry, will replace Frederick A. Wang as head of Wang Laboratories Inc. The computer manufacturer is attempting overcome a $424.3 million loss for the 1989 fiscal year. Frederick A. Wang resigned as pres and CEO soon after the loss was reported. An Wang, who again is CEO of the company he founded, personally picked Miller as a successor to his son. Miller's plans include arranging $175 million in interim bank financing, cutting Wang's costs and overseeing day-to-day operations of the company as it continues to manufacture computer systems. Rumor that the Wang family will sell the business have been lessened by Miller's appointment. On the American Stock Exchange, Wang stock rose 25 cents per share as a result of the announcement.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1989
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Wang Laboratories is expected to name Miller, Ex-GE executive, to be president
Article Abstract:
Wang Laboratories announces it will name a former General Electric Co (GE) executive as president and COO. Insiders say Richard W. Miller is the likely candidate. Miller left GE after becoming disillusioned by the divestment of the profitable GE-RCA consumer electronics division. Analysts say the Wang family's control of Wang Labs should reassure Miller about the unlikelihood of future takeover or greenmail attempts. The new president of Wang will face several major problems. Costs will have to be drastically reduced and assets sold to help alleviate the almost $1 billion debt. Wang customer morale is low and sales are sluggish. Further details on the appointment are expected within a day.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1989
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Ian Diery resigns post at Wang Labs; move was expected
Article Abstract:
Wang Laboratories Inc. Exec VP Ian Diery resigns as expected after the company posted its record $424.3 million net loss. Diery has been blamed for making overly optimistic sales forecasts that led Wang Labs to retain large staffs despite declining sales. Prior to his position in the U.S., Diery led Wang's successful European operations. An Wang continues as Chmn and CEO and Harry H.S. Chou is acting Pres until the board of directors finds a new Pres. Diery could not be reached for comment.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1989
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