Kane, 49, handed in his resignation at the Billerica, Massachusetts-based firm yesterday, and plans to start work as Raytheon's CFO and senior vice president April 1. He will replace Peter R. D'Angelo, 60, who is retiring after 37 years at Lexington, Massachusetts-based Raytheon.
Caine will be sorely missed, said Lucy Flynn, a spokeswoman at Wang, a $3 billion firm that employs 20,000 people.
"It's a great opportunity for [Caine]," she said. "I think that working for Raytheon, which is a $100 billion corporation and one of the Fortune 100, is something anyone would aspire to."
Caine could not be reached for comment.
Before joining Wang, Caine was senior vice president of strategic planning and corporate development for United Technologies Corporation (UTC), a $21 billion company based in Hartford, Connecticut, where he spent eight years.
Caine joined Wang as executive vice president and CFO in 1994, ushering the company through nine acquisitions, including the $390 million purchase of Olsy Group, the services subsidiary of Olivetti. That March 1998 acquisition more than doubled the size of Wang Global.
But Wang, which focuses on providing desktop and network computer services to large corporations, has struggled with that growth.
Last April, the company said it would spend up to $380 million on expenses related to the Olsy deal, warning of a negative cash flow in the coming quarters. Last month, the company said it would cut 3,100 jobs after posting restructuring and other costs totaling $41.5 million and a net loss of $16.4 million, or 43 cents a share, for the quarter-ended December 31, 1998. Additional charges are expected in March.
Nonetheless, BT Alex Brown analyst Ed Caso said Wang has come a long way since declaring Chapter 11 bankruptcy in 1993, mainly by building a new services model focused on distributed computing, and working with key partners such as Cisco and Dell.
In other news, Wang today named David Goulden president of the company's U.S. operations, which employs 5,500 people. Goulden, who joined Wang in 1990, will be responsible for Wang Global's networked technology services to all United States customers, except federal government.
Goulden replaces Donald Casey, who is taking a leave of absence from the firm.