Wang gets boost in CA power struggle

Charles Wang, the chairman and founder of Computer Associates, has received a major boost in his desperate struggle to retain control of the company.

He has been placed under huge pressure from Texan millionaire Sam Wyly, who has been lobbying shareholders to oust the current board of directors to protect the long term interests of CA.

But Proxy Monitor - a US independent shareholder advisory group - has become the second firm to recommend CA investors support their present directors.

Last Friday, another advisory service, the ISS (Institutional Shareholder Services,) also told its clients that they should vote for CA's current board line-up and stick with Wang.

Proxy said in a statement that Wyly was not the right man for the job because of "uncertainties surrounding his proposed business strategy".

Wyly has openly criticised CA for poor returns to its shareholders and what he sees as inept management, and has said he will split the company into four separate business units if elected.

The leadership struggle will be resolved when shareholders vote to elect ten new board members on 29 August.

For related news see:
Wang on a wing and a prayer
http://www.silicon.com/a46290
CA scrap intensifies as Wyly sticks the knife in
http://www.silicon.com/a46143
Warring CA lifted by results
http://www.silicon.com/a45958
Top exec will quit if CA coup succeeds
http://www.silicon.com/a45659