Wang Names Ex-GE Official as PresidentRichard W....

Wang Names Ex-GE Official as President

Richard W. Miller, the former head of General Electric’s consumer electronics operations, has been named president and chief operating officer of Wang Laboratories Inc., the troubled Boston area-based office equipment maker.

Miller, 48, who has held several top executive positions and led successful company turnarounds in his career, replaces Henry H. S. Chou.

Chou had served as Wang’s acting president since Aug. 8, when Frederick A. Wang, son of company founder An Wang, resigned after leading the company for nearly three years. During the younger Wang’s tenure in the No. 2 spot, the company stumbled badly. Earlier this month, it reported a loss of nearly $425 million for the fiscal year that ended June 30.

“I have great confidence in the ability of Rick Miller to assume total control of the operations of Wang Laboratories,” said An Wang, who will remain as the company’s chairman and chief executive. “He will have my full support and that of the board of directors in resolving the company’s current situation and restoring it to profitability.”

Miller’s appointment is the second step Wang has taken this week as it attempts to rebound. On Monday, the company said it renegotiated the terms of $575 million in loans with its banks.

Miller said he wants Wang staffers to “know where we’re going, restore their dignity and give them pride in the company’s turnaround and accomplishments.”

Wang officials cited Miller’s previous successes in directing corporate turnarounds as an important reason for his selection.

Miller joined RCA Corp. in 1982 as chief financial officer and became executive vice president of its consumer products and entertainment businesses in 1985. After RCA was acquired by General Electric in 1986, Miller managed the merger, restructuring and turnaround of the two companies’ consumer electronics businesses, including 17 factories in eight countries and 27,000 employees.

Miller was head of General Electric Co’s $3.3-billion consumer electronics business when it was taken over by Thomson S.A. of France in 1987. He stayed with Thomson until mid-1988 when he joined a newly formed investment and management consulting firm, American Industrial Partners.

In the 1970s, Miller was chief financial officer of Penn Central Corp., where he became involved in rebuilding that troubled company as it went through a corporate restructuring and more than 20 acquisitions.