Houghton to Step Down as Corning's Chairman of the Board
24 Janeiro 2007 - 9:45PM
Business Wire
Corning Incorporated (NYSE:GLW) announced today that James R.
Houghton, 71, will step down as non-executive chairman of the board
at the company�s annual shareholders meeting on April 26, 2007. He
will continue serving as a member of the company�s board of
directors. Corning�s Board of Directors will name Wendell P. Weeks,
47, as chairman of the board. Weeks will continue as the company�s
chief executive officer (CEO). Peter F. Volanakis, 51, will assume
the role of president along with his responsibilities as chief
operating officer. These actions were approved by the board today
and will take effect at the company�s annual shareholder meeting in
April. Houghton has served Corning for more than 38 years, first
retiring from the company in 1996. He returned as non-executive
chairman in June 2001, and he was named chairman and chief
executive officer by the board of directors in April 2002. He
relinquished the CEO role in April 2005, at which time the board
named Weeks president and CEO, and Volanakis chief operating
officer. In May 2006, Houghton retired as an employee of the
company for the second time but retained the role of non-executive
chairman. �Jamie Houghton has served this company admirably for
more than three decades and all of the employees, shareholders and
directors owe him a great deal of gratitude. He returned from six
years of retirement to lead Corning out of one of the darkest
periods of financial uncertainty in the company�s history,� James
J. O�Connor, lead director, said. �As we look forward, the board is
highly confident that Wendell, Peter and the entire Management
Committee have the correct strategy in place to lead this company
forward.� Houghton said, �It has been a distinct pleasure to work
hand-in-hand with such capable leaders as Wendell and Peter.
Wendell Weeks and his management team led the company�s recovery
and they have a sound strategy in place that I believe will benefit
our employees and shareholders. Corning is in very capable hands.�
Weeks joined Corning in 1983. He was appointed division vice
president of the Telecommunications Products Division in July 1994
and deputy general manager in June 1995. He became vice president
and general manager of the Telecommunications Products in 1996; was
named senior vice president, Opto-Electronics in February 1998; and
was appointed executive vice president, Optical Communications in
January 1999. In January 2001, Weeks was named president of Corning
Optical Communications and he was appointed the company�s president
and chief operating officer in April 2002. In April 2005, Weeks
became the company�s president and chief executive officer. He was
named to the Corning Board of Directors in December 2000. He also
serves on Merck & Co.�s Board of Directors. Weeks graduated
from Lehigh University with a bachelor�s degree and later attended
Harvard Business School as a Baker Scholar, receiving a master�s
degree. Volanakis joined Corning in 1982 as a market development
specialist in the company�s Optical Products Division. In 1991 he
was named director of corporate marketing and was named general
manager, Europe for the Environmental Products Division in 1992. In
1995 he became executive vice president, Siecor Corporation (a
Siemens-Corning equity venture) and in October 1997 he was
appointed senior vice president, Advanced Display Products. He was
named executive vice president of the Display sector and Life
Sciences division in January 1999. In January 2001, he became
president of Corning Technologies and in April 2005 he was named
the company�s chief operating officer. He was named to the Corning
Board of Directors in December 2000. He also serves on the Dow
Corning Corporation Board of Directors. Volanakis graduated from
Dartmouth College with a bachelor�s degree in economics and later
received a master�s degree from the Tuck School at Dartmouth
College. About Corning Incorporated Corning Incorporated
(www.corning.com) is a diversified technology company that
concentrates its efforts on high-impact growth opportunities.
Corning combines its expertise in specialty glass, ceramic
materials, polymers and the manipulation of the properties of
light, with strong process and manufacturing capabilities to
develop, engineer and commercialize significant innovative products
for the telecommunications, flat panel display, environmental,
semiconductor, and life sciences industries. Forward-Looking and
Cautionary Statements This press release contains forward-looking
statements that involve a variety of business risks and other
uncertainties that could cause actual results to differ materially.
These risks and uncertainties include the possibility of changes in
global economic and political conditions; currency fluctuations;
product demand and industry capacity; competition; manufacturing
efficiencies; cost reductions; availability of critical components
and materials; new product commercialization; changes in the mix of
sales between premium and non-premium products; new plant start-up
costs; possible disruption in commercial activities due to
terrorist activity, armed conflict, political instability or major
health concerns; adequacy of insurance; equity company activities;
acquisition and divestiture activities; the level of excess or
obsolete inventory; the rate of technology change; the ability to
enforce patents; product and components performance issues; stock
price fluctuations; and adverse litigation or regulatory
developments. Additional risk factors are identified in Corning�s
filings with the Securities and Exchange Commission.
Forward-looking statements speak only as of the day that they are
made, and Corning undertakes no obligation to update them in light
of new information or future events.
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