Michele Kang
BornJune 1959 (age 64)
South Korea
Occupation(s)CEO and Founder of Cognosante
Known forMajority owner Washington Spirit

Majority owner OL Lyon Féminin (pending approval)
OL Groupe board director

Eagle Football Holdings director

Yongmee Michele Kang[1][2] (born June 1959)[2] is an 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]

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]

Early life

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]

Business career

Ernst & Young, Northrup Grumman

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]

Cognosante

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]

Sports ownership

Washington Spirit

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]

Olympique Lyonnais

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]

Honors and awards

Personal life

Also a philanthropist, Kang created the Cognosante Foundation and is an active supporter of The Kennedy Center,[31][32] which also was a front-of-jersey sponsor of the Washington Spirit in 2022.[33] She has served on the boards of the American Red Cross, Washington National Opera, Northern Virginia Technology Council, and Palm Beach Symphony.[34] 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.[31]

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][35]

Kang is an investor in Just Women's Sports, an American media company dedicated to women's sports.[36]

References

  1. 1 2 3 Pandy, Jordan (September 17, 2020). "Venture capital firm founder buys Palm Beach condo for $6M". The Real Deal. Retrieved April 12, 2023.
  2. 1 2 3 "AP 01 Appointment Of A Director". Companies House. Retrieved April 12, 2023.
  3. 1 2 Hensley-Clancy, Molly; Goff, Steven (April 30, 2021). "Co-owners of NWSL's Spirit fight for control after abuse allegations against coach". Washington Post. Retrieved April 12, 2023.
  4. 1 2 Brockway, Ella (May 16, 2023). "Spirit owner Michele Kang to take over Lyon, creating network of women's clubs". The Washington Post. Retrieved 16 May 2023.
  5. 1 2 "Michele Kang's idea to change Greater Washington's workforce for the better". Washington Business Journal (Interview). November 1, 2022. Retrieved April 12, 2023.
  6. ↑ "Coming Home: Scenes from Reunion Weekend" (Press release). Yale School of Management. February 6, 2020. Retrieved April 12, 2023.
  7. ↑ Kang, Y. Michele (November 14, 2019). "Think Differently, Defy Expectations Y. Michele Kang" (PDF). Palm Beach Atlantic University. Retrieved 16 May 2023.
  8. 1 2 "Northrop Grumman Names Michele Kang Vice President, Health & Science Solutions". Northup Grumman. Retrieved 16 May 2023.
  9. 1 2 "Board of Directors". Northern Virginia Technology Council. Retrieved 16 May 2023.
  10. ↑ "About Cognosante". Cognosante. Retrieved 16 May 2023.
  11. ↑ "Chief Officer Award Finalist Michele Kang: 'Dream Big, Expect Obstacles And Succeed Anyway'". Washington Exec. May 14, 2021. Retrieved 16 May 2023.
  12. ↑ Anderson, Jason (December 29, 2020). "Y. Michele Kang joins Washington Spirit ownership group". Black and Red United. Retrieved April 12, 2023.
  13. 1 2 Hensley-Clancy, Molly (March 30, 2022). "Sale of NWSL's Spirit closes, making history for owner Michele Kang". Washington Post. Retrieved April 12, 2023.
  14. 1 2 Maurer, Pablo; Linehan, Meg; Yang, Steph (February 8, 2022). "Washington Spirit ownership: Steve Baldwin, Bill Lynch agree to sell team to Michele Kang". The Athletic. Retrieved April 12, 2023.
  15. ↑ Murray, Caitlin (8 February 2022). "NWSL's Washington Spirit power struggle ends as Y. Michele Kang takes over". ESPN. Retrieved 16 May 2023.
  16. ↑ "After months of friction, Michele Kang becomes controlling owner of Washington Spirit". NPR. Retrieved 16 May 2023.
  17. ↑ Maurer, Pablo (March 30, 2022). "Michele Kang officially majority owner of Spirit". The Athletic. Retrieved April 12, 2023.
  18. ↑ "Spirit's Michele Kang becomes first woman of color to own NWSL team". The Washington Post. March 30, 2022. Retrieved June 11, 2022.
  19. ↑ "Washington Spirit wins NWSL Championship over Chicago Red Stars in extra-time thriller". ESPN. Associated Press. November 20, 2021. Retrieved April 12, 2023.
  20. 1 2 Mishra, Abishek (May 25, 2023). "American Businesswoman's $35 Million Investment in Trinity Rodman's Washington Spirit Trumps Phoenix Suns' $4 Billion Takeover to Win Major North American Award". EssentiallySports. Retrieved May 25, 2023.
  21. ↑ Boutonnat, Victor (May 13, 2023). "Coupe de France féminine. Lyon prend le dessus sur le PSG et remporte sa 10e Coupe de France". Ouest-France. Retrieved May 16, 2023.
  22. ↑ "Spirit owner Michele Kang attends Lyon women's match, hoists trophy with team amid takeover reports". The Athletic. May 13, 2023.
  23. ↑ "OL Groupe and Michele Kang Form Global Multi-Team Women's Football Group" (Press release). Washington Spirit. May 16, 2023. Retrieved May 16, 2023.
  24. ↑ Caron, Emily (May 16, 2023). "Spirit's Michele Kang adds Lyonnais Feminin to Women's Soccer Venture". Sportico. Retrieved May 16, 2023.
  25. ↑ Hess, AJ (May 16, 2023). "Spirit owner Michele Kang buys Lyon to build first international women's soccer empire". Fast Company. Retrieved May 16, 2023.
  26. ↑ Guillement, Hugo (May 16, 2023). "Michele Kang, nouvelle actionnaire majoritaire de l'OL féminin : « Il n'est pas question de changer l'OL »" [Michele Kang, new majority shareholder of OL Women: “There is no question of changing OL”]. L'Équipe (in French). Retrieved May 16, 2023.
  27. ↑ "2023 Horatio Alger Award Recipient". Horatio Alger Association. Retrieved 16 May 2023.
  28. ↑ "EARN ABOUT THE 2022 LAUREATES: MICHELE KANG, THE WASHINGTON SPIRIT AND COGNOSANTE". Junior Achievement of Greater Washington. 7 November 2022. Retrieved 16 May 2023.
  29. ↑ "EY Entrepreneur Of The Year Award winners announced". Virginia Business. June 19, 2015. Retrieved 16 May 2023.
  30. ↑ "100 Women Leaders in STEM" (PDF). STEMConnector. Retrieved 16 May 2023.
  31. 1 2 "University to Honor Health IT Entrepreneur on American Free Enterprise Day". Palm Beach Atlantic University. October 15, 2019. Retrieved 16 May 2023.
  32. ↑ "REACH Supporters". The Kennedy Center. Retrieved April 12, 2023.
  33. ↑ "Kennedy Center to sponsor NWSL Spirit jersey". Sports Business Journal. April 29, 2022. Retrieved April 12, 2023.
  34. ↑ "Y. Michele Kang". American Red Cross. Retrieved April 12, 2023.
  35. ↑ Hofheinz, Darrell (June 17, 2022). "UPDATE: $15M sale in Kirkland House is third-priciest beachfront condo sold in Palm Beach". Palm Beach Daily News. Retrieved April 12, 2023.
  36. ↑ "Billionaire Joe Tsai, Billie Jean King Back Just Women's Sports". Bloomberg.com. 2022-06-09. Retrieved 2023-10-13.
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