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Newsday, September 10, 2008 article

 

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10 keep positions on CA's board

 

EMI ENDO

September 10, 2008

Business-software giant CA Inc. re-elected 10 board members, including former Sen. Alfonse D'Amato, at its annual shareholders meeting yesterday.

The meeting at company headquarters in Islandia came a week after former chief Sanjay Kumar alleged that co-founder Charles Wang directed improper accounting and that several board members sought to cover it up. The accused individuals denied Kumar's accusations and none has been charged with wrongdoing.

The company has admitted it engaged in a $2.2-billion accounting scheme to improperly shift revenue, and paid more than $225 million in restitution. Kumar's affidavit was part of a lawsuit by Texas billionaire and CA shareholder Sam Wyly, seeking to recoup lost investments.

Chairman William McCracken yesterday told shareholders that a board committee had done exhaustive research into the financial issue. "It's history - ancient history," he said.

When asked in an interview after the meeting about Kumar's allegations, chief executive John Swainson said, "I don't know what the motivation is."

Former board members Jay Lorsch and Walter Schuetze, both 75, retired and did not seek re-election. They were not replaced, but McCracken said the number of board members may be increased in the future if necessary.


 

 

Copyright 2008, Newsday Inc.

 

 

 

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