BOSTON -- Wang Laboratories Inc. heir-apparent Fred Wang is a top candidate to take over the family business, but is not a shoo-in for the job, his father said in a published report.
In his upcoming autobiography, 'Lessons,' Wang Labs founder and chairman An Wang, 66, addresses the question of who will take over his multi-million dollar business, the Boston Herald reported Thursday.
Although Wang Labs is a public company, Wang alone will decide who succeeds him in the post. Wang and his family own 40 percent of the company's total outstanding shares, and have complete voting control over the business.
'All other things being equal, my children should be more highly motivated than a professional manager because of their substantial stake in the ownership of the compnay,' Wang writes.
'On the other hand, I do not want to make that decision for my children. Nor do I rule out the possiblility that a professional manager might prove to be the best steward of the company's future.'
'Lessons,' published by Addison-Wesley, is an account of Wang's childhood in China, his emigration to the United States and the start and success of his one-man electronics consulting firm in Boston's South End.