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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (62375)	3/27/2002 4:14:14 AM
From: StanX Long	Respond to of 70976

Computer Associates Is Urged to Dismiss Top Executives By ALEX BERENSON March 27, 2002 nytimes.com Get ready for Round 2 of Ranger Governance versus Computer Associates International (news/quote). Ranger, a Texas-based investment company, asked the independent directors of Computer Associates yesterday to fire the company's top three executives. The move comes seven months after shareholders of Computer Associates rejected Ranger's efforts to oust four directors, including Charles Wang, the chairman. Ranger made its demands in letters to the company's board and to some big Computer Associates shareholders and customers. Ranger did not state what action might follow if the board did not follow its advice. But Stephen Perkins, the managing director of Ranger, said in an interview yesterday that he would consider beginning another effort to oust the board. In a response last night, Computer Associates called the letter "misleading, self-serving and inaccurate," and accused Mr. Perkins and Sam Wyly, the founder of Ranger, of "pursuing a personal vendetta." Shares of Computer Associates fell 4 cents yesterday, to $20.10. Computer Associates, the world's fourth-largest software company, has been besieged by problems for a couple of years. Its stock has fallen almost 75 percent since January 2000, as the company struggles to move from selling mainframe software, where it has a near monopoly, into more competitive markets. In January 2001, Computer Associates failed to pay severance to hundreds of employees it laid off. After its actions were disclosed, the company paid severance to many of the workers. Topics Alerts Computer Associates International Incorporated Executives and Management Create Your Own \| Manage Alerts Take a Tour Sign Up for Newsletters Get Stock Quotes Look Up Symbols Portfolio \| Company Research U.S. Markets \| Int. Markets Mutual Funds \| Bank Rates Commodities & Currencies Click here to order Reprints or Permissions of this Article Employees and former employees said last April that the company had used accounting gimmicks to inflate its reported sales and earnings. Federal prosecutors and the Securities and Exchange Commission have since begun an inquiry into those allegations. The company has denied any wrongdoing and has said its accounting is proper.