Walter Wang

Last updated
Walter Wang
NationalityTaiwanese
American
Education University of California-Berkeley
Occupation(s)Businessman, investor, philanthropist
Known forThe Walter and Shirley Wang Foundation, JM Eagle
Spouse Shirley Wang
Children3
Parent

Walter Wang is a Taiwanese businessman, investor, and philanthropist. He is the co-founder of The Walter and Shirley Wang Foundation, and JMM Foundation, a philanthropic organization. He is also the CEO of JM Eagle, a global manufacturer of plastic pipe. Wang's father was Wang Yung-ching, [1] founder of the plastics and petrochemicals conglomerate Formosa Plastics Group and one of the wealthiest individuals in Taiwan before his death in 2008. [2] His sister is Cher Wang, co-founder and chairperson (since 2007 [3] ) of HTC Corporation and integrated chipset maker VIA Technologies. [4]

Contents

Early life and education

Wang's father was Taiwanese billionaire, Wang Yung-ching, who is known informally as Y.C. Wang. [5] Wang is the youngest of Y.C. Wang's five children by Wang Yang Chiao. When Wang was nine years old, Wang Yang Chiao left Taiwan against Y.C. Wang's wishes. They moved to Berkeley, California to be closer to one of Yang Chiao's older children, Cher Wang. [6] Wang attended University of California - Berkeley before moving back to Taiwan to work for his father's corporation, Formosa Plastics Group, in 1988.[ citation needed ]

Career

In 2005, Wang purchased JM Manufacturing through syndicated loans from his father. In 2007, Wang bought PW Eagle, another large PVC pipe producer, to form JM Eagle. [7] JM Eagle relocated its headquarters to Los Angeles, California in 2008. [8]

Wang is a board member of the publicly listed Formosa Petrochemical and Formosa Chemical and Fiber Corporations in Taiwan. He is also a member of the Young Presidents Organization Los Angeles and Intercontinental chapters. He belongs to the World Economic Forum and the Committee of 100. [9] Wang sits on the board of directors for the Danny Thompson Memorial Leukemia Foundation, the Los Angeles Police Foundation, [10] the Aaron Diamond AIDS Research Center, [11] the DEA Educational Foundation, [12] the Chinese Overseas Exchange Association (COEA), and the Boao Forum in China. [13] [14] Along with his wife, Wang is a trustee of the U.S. Olympic Committee, and both serve on the board of the Los Angeles Olympic Committee 2028. [15]

Philanthropy

Wang is a benefactor to causes in the United States and internationally, ranging from education to healthcare, social and immigration issues, anti-drug campaigns, and efforts to raise cultural awareness. [9] He is co-founder of the Walter and Shirley Wang Foundation and the JMM Foundation, along with his wife. [16] Together, the Wangs established an endowed chair at the Cedar Sinai Medical Center for Pediatric Surgery, both to fund novel research in pediatric surgery and to assist underprivileged children in need of surgery. [17] The Walter and Shirley Wang Foundation helped establish the DEA Museum in Los Angeles, California, with the goal of educating the public on illegal drugs and trafficking. [18] They also support Doctors Without Borders. [19]

Walter and Shirley Wang established an endowment at University of California - Los Angeles (UCLA), Shirley Wang's alma mater, to support students from middle-income families and have given scholarships in chemistry and biochemistry to students, graduate students, middle-income students, fellowships, and study abroad programs. The Wangs have also endowed a chair for Asian American Studies and a chair for Medicinal Discovery at UCLA. [20] [21] The couple also funded Wang Hall at Harvard Westlake School in Los Angeles, California, and provided the lead donation for the renovation of the Harvard Westlake Humanities and Art Building. [22] [23] At UCLA, they endowed the first academic chair on U.S.-China relations and Chinese American studies in the United States. [14] [20] [24] [25] [26]

The Wangs are the most prominent sponsors of the Emmy-nominated PBS documentary Becoming American: The Chinese Experience by [Bill Moyers]. [27]

In the wake of the COVID-19 global pandemic, JM Eagle and Plastpro, Inc. also donated surgical masks to Ohio facilities local to the Plastpro, Inc. factory. [28] [29] [30] Walter and Shirley Wang donated $1 million to the Mayor's Fund of Los Angeles, in addition to supplies for face shields intended for use at Cedars Sinai Medical Center and the Innovation Lab at UCLA. [31]

In 2023, Walter and Shirley Wang donated $2.5 million to help increase support for Columbia University's Yellow Ribbon Program, which now meets 100 percent of student veterans’ tuition and fees. It was described by the university president as “the single most significant gift dedicated to student veterans that this institution has ever received.” [32]

Relationship to China

In 2013, Wang served as a representative of the China Overseas Exchange Association (COEA) in Beijing, according to the People's Daily . [33] The same year, Wang traveled to Beijing as part of a Committee of 100 delegation to encourage American-Chinese diplomatic relations. [34] In March 2018, Wang attended the first session of the 13th National Committee of the Chinese People's Political Consultative Conference (CPPCC) in Beijing, according to the Overseas Chinese Affairs Office. [35]

Personal life

Ten days after purchasing JM Eagle in 2005, Wang was diagnosed with stage-four nasal cancer. He was issued a clean bill of health in mid-2006. [36] [37]

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References

  1. ↑ Kovac, Matt (11 July 2005). "Taiwan's Priestess of The PDA". Business Week. Archived from the original on 20 September 2008. Retrieved 20 August 2020.
  2. ↑ "Wang, Billionaire who led Formosa Plastic death at 91". The New york Times. 17 October 2008. Archived from the original on 20 July 2014. Retrieved 27 July 2014.
  3. ↑ "Executive Profile: Cher Wang". Businessweek. Archived from the original on April 10, 2013. Retrieved 5 March 2013.
  4. ↑ Lee-Chua, Queena N. (2015-06-12). "Taiwan family feud". INQUIRER.net. Archived from the original on 2020-10-20.
  5. ↑ Chung, Grace (5 May 2021). "Taiwan's Richest 2021". Forbes. Archived from the original on 19 June 2021. Retrieved 19 June 2021.
  6. ↑ Fisher, Daniel. "Taiwanese Plastics Heir Fights Cancer, Litigation To Build World's Biggest Pipemaker". Forbes. Archived from the original on 2020-05-23. Retrieved 2020-05-16.
  7. ↑ "PW Eagle to be bought by J-M Manufacturing". Reuters. 21 January 2007. Archived from the original on 11 March 2016. Retrieved 11 May 2020.
  8. ↑ Henderson, Tagg (16 December 2008). "JM Eagle Completes Move to Los Angeles". www.thedriller.com. Archived from the original on 24 June 2021. Retrieved 19 June 2021.
  9. 1 2 "Walter Wang: Accomplished entrepreneur and philanthropist". Committee 100. Archived from the original on 2021-05-09. Retrieved 2020-05-16.
  10. ↑ "LAPF Leadership". LAPF Foundation. Archived from the original on 3 June 2020. Retrieved 30 May 2020.
  11. ↑ "Aaron Diamond AIDS Research Center (ADARC)". Aaron Diamond AIDS Research Center (ADARC). Archived from the original on 2021-06-15. Retrieved 2021-06-19.
  12. ↑ ABC7 (5 June 2013). "Philanthropist Walter Wang honored by DEA Educational Foundation | ABC7 San Francisco | abc7news.com". ABC7 San Francisco. Archived from the original on 3 June 2020. Retrieved 3 June 2020.{{cite web}}: CS1 maint: numeric names: authors list (link)
  13. ↑ "Wang family closes ranks on board seats". Taipei Times . 2009-06-05. Archived from the original on 2020-06-03. Retrieved 2020-06-03.
  14. 1 2 "Profiles: Walter and Shirley Wang". www.globalchinesephilanthropy.org. Archived from the original on 2020-09-19. Retrieved 2020-05-16.
  15. ↑ "USOPF Trustees". Team USA. Archived from the original on 22 July 2020. Retrieved 11 May 2020.
  16. ↑ Tigas, Mike; Wei, Sisi; Schwencke, Ken; Roberts, Brandon; Glassford, Alec (9 May 2013). "Walter & Shirley Wang Foundation Inc - Nonprofit Explorer". ProPublica. Archived from the original on 3 June 2020. Retrieved 3 June 2020.
  17. ↑ "A Tradition of Closeness and Compassion" (PDF). Retrieved 11 May 2020.[ permanent dead link ]
  18. ↑ Pullen, Sarah (26 November 2008). "News from DEA, Domestic Field Divisions, Los Angeles News Releases, 11/26/08". www.dea.gov. Archived from the original on 30 October 2020. Retrieved 16 May 2020.
  19. ↑ "Shirley Wang To Receive Ellis Island Medal Of Honor – InsuranceNewsNet". insurancenewsnet.com. 3 May 2011. Archived from the original on 24 June 2021. Retrieved 16 May 2020.
  20. 1 2 "Donors of Chinese descent vastly increase philanthropy, mostly to higher education". Los Angeles Times. 6 September 2017. Archived from the original on 12 November 2020. Retrieved 16 May 2020.
  21. ↑ "Annual Report on University Private Support" (PDF). University of California. Archived (PDF) from the original on 19 October 2020. Retrieved 30 May 2020.
  22. ↑ Moghavem, Layla. "Wang Hall opens, classrooms converted". The Harvard-Westlake Chronicle. Archived from the original on 2021-06-24. Retrieved 2021-06-19.
  23. ↑ Dennis, Claire. "School holds Wang Hall reception". The Harvard-Westlake Chronicle. Archived from the original on 2021-06-24. Retrieved 2021-06-19.
  24. ↑ "UCLA's Global Professor Min Zhou Appointed to Walter and Shirley Wang Endowed Chair" (PDF). Archived (PDF) from the original on 5 March 2023. Retrieved 3 May 2020.
  25. ↑ UCLA. "She believes doing good knows no borders". UCLA – The Optimists – Shirley Wang. Archived from the original on 2023-05-01. Retrieved 2020-05-16.
  26. ↑ "UCLA Foundation names new board members". UCLA. Archived from the original on 2018-05-06. Retrieved 2020-05-16.
  27. ↑ Watanabe, Teresa (2 February 2008). "UCLA gift to boost U.S.-China relations". Los Angeles Times. Archived from the original on 8 June 2021. Retrieved 16 May 2020.
  28. ↑ "PANDEMIC COVID-19 has changed everything" (PDF). UCLA Health. Archived (PDF) from the original on 21 June 2020. Retrieved 19 June 2020.
  29. ↑ "Plastpro Donates Surgical Masks To Ohio Local Facilities". californer.com. Archived from the original on 2020-04-20. Retrieved 2020-05-16.
  30. ↑ "Plastpro donates surgical masks to Ohio local facilities". www.plastproinc.com. Archived from the original on 2020-08-10. Retrieved 2020-05-16.
  31. ↑ Wen, Abraham; Chu, Shang (29 May 2020). "Racist attacks are mounting, but in L.A., Taiwanese Americans are among the first to help". lite.cnn.com.
  32. ↑ Mendell, Chris. "Columbia hosts military ball honoring student veterans". Columbia Daily Spectator. Retrieved 2024-03-14.
  33. ↑ "中国海外交流协会海外代表共议"中国梦"--时政--人民网". People's Daily (in Chinese). September 23, 2013. Archived from the original on 2023-03-30. Retrieved 2023-05-01.
  34. ↑ "李克强同美国百人会访华团代表会见并座谈交流". General Office of the State Council (in Chinese). November 2, 2013. Archived from the original on 2014-07-23. Retrieved 2023-05-01.
  35. ↑ "北京副市长会见列席全国政协十三届一次会议侨胞". Overseas Chinese Affairs Office (in Chinese). March 19, 2018. Archived from the original on 2023-03-20. Retrieved 2023-05-01.
  36. ↑ "Emphasizing the 'Family' in Family Business". The Eugene Lang Entrepreneurship Center. 17 May 2018. Archived from the original on 1 May 2023. Retrieved 16 May 2020.
  37. ↑ Walter, Wang (29 November 2015). "Power of Prayer: To be healed, first forgive others". The Washington Times. Archived from the original on 27 November 2019. Retrieved 16 May 2020.
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