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.
