Michele Kang
American businesswoman From Wikipedia, the free encyclopedia
American businesswoman From Wikipedia, the free encyclopedia
Yongmee Michele Kang[1][2] (born June 1959)[2] is a Korean-American businesswoman, philanthropist, investor and professional sports team owner. She is the founder and CEO of Cognosante, a medical technology company,[3] and Cognosante Ventures, a venture capital firm.[1]
Michele Kang | |
|---|---|
Kang at a Washington Spirit game in 2022 | |
| Born | June 1959 (age 65) South Korea |
| Occupation(s) | CEO and Founder of Cognosante |
| Known for | Majority owner Washington Spirit Majority owner OL Lyon Féminin (pending approval) |
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Kang is the majority owner of Washington Spirit, which competes in the United States National Women's Soccer League, and is in the process of becoming the owner of Olympique Lyonnais Féminin, which competes in the French Division 1 Féminine.[4]
Kang was born in South Korea and immigrated to the United States on her own as a student.[5] She earned a bachelor's degree in economics from the University of Chicago and a master's degree in public and private management from the Yale School of Management.[5][6]
The problem was that I have never been very good at accepting what I “should” or “should not” do, especially when it came to what a woman can or cannot do. With my father’s reinforcement, I believed I could do anything a boy could do. I wanted something different from the future than what was expected of me.
— Michele Kang[7]
Kang was a partner with Ernst & Young specializing in the high-tech and telecommunications industries.[8] She joined Northrop Grumman in 2000 as vice president of their e-Business unit. She later worked as vice president and deputy general manager of the Global Information Technology Division. In 2003, she became vice president of their Health & Science Solutions unit.[8]
In 2008, Kang founded Cognosante "to disrupt and challenge the status quo in the U.S. healthcare system".[9] The corporation works with federal and state health agencies to "expand access to care, improve care delivery, address social determinants of health, and ensure safety and security through multi-faceted technology and customer experience (CX) solutions."[10] Kang has said that she is focused on developing a pipeline of opportunities that "will directly improve the lives of veterans, military spouses, persons with disabilities, seniors and residents in underserved communities."[11]
On April 15, 2024, Cognosante announced that it signed an agreement to be acquired by Accenture Federal Services.
On December 29, 2020, Washington Spirit announced that Kang had joined the club's ownership group.[12] Later reports confirmed that the stake was 35 percent, equal to former majority owner Steve Baldwin's stake though Baldwin retained control over the team.[3] Following Spirit coach Richie Burke removing himself from coaching duties in August 2021 and subsequent media reports alleging abusive behavior by Burke toward players, Kang began pursuing majority and controlling ownership of the club.[13][14]
After a protracted negotiation process,[15][16] Baldwin and minority owner Bill Lynch agreed to sell the club to Kang.[14] Following league approvals, Kang officially became majority owner on March 30, 2022.[17][18] Kang became the first woman of color to be the majority owner of an NWSL club.[13]
During the negotiations, the Spirit won the 2021 NWSL championship on November 20, 2021, defeating the Chicago Red Stars 2–1.[19]
On May 24, 2023, Kang's acquisition of the Spirit was named the Sports Business Journal 2023 deal of the year.[20]
Kang is an OL Groupe board director and a director in Eagle Football Holdings, the investment vehicle of OL Groupe chairman John Textor.[2] On May 13, Olympique Lyonnais Féminin won the Coupe de France féminine 2–1 over Paris Saint-Germain, its 10th victory in the competition, on a brace by Ada Hegerberg.[21] Kang attended the match and raised the trophy with Lyon.[22]
On May 16, OL Groupe and Kang announced the formation of a separate entity that would be composed of her stake in the Spirit and OL Groupe's Olympique Lyon Féminin. OL Groupe would retain a 48% stake in the resulting new entity, and Kang would become the club's majority owner and CEO, pending regulatory approval.[23][24][25][26][4]
On December 15, 2023, London City Lionesses announced that Kang had acquired the club.[27]
Kang is part of the ownership group that bought the Baltimore Orioles in January 2024.[28][29]
Also a philanthropist, Kang created the Cognosante Foundation and is an active supporter of The Kennedy Center,[34][35] which also was a front-of-jersey sponsor of the Washington Spirit in 2022.[36] She has served on the boards of the American Red Cross, Washington National Opera, Northern Virginia Technology Council, and Palm Beach Symphony.[37] She has served as Co-chair of the American Enterprise Institute National Council.[9]
In 2019, she was awarded the American Free Enterprise Medal by Palm Beach Atlantic University.[34]
Kang's $15 million sale of her condominium in Palm Beach, Florida was the third largest in Palm Beach history for an oceanfront apartment.[1][38]
Kang is an investor in Just Women's Sports, an American media company dedicated to women's sports.[39]
Kang announced a donation to the USA Women's Rugby Sevens team of $4 million over 4 years on July 30th, 2024.[40][41]
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