Corning Names Weeks CEO

Wendell Weeks is to become CEO on April 28, while current CEO James Houghton will remain as chairman

January 26, 2005

2 Min Read

CORNING, N.Y. -- Corning Incorporated (NYSE:GLW) today announced that James R. Houghton, 69, plans to relinquish the role of chief executive officer, and that Wendell P. Weeks, 45, will become president and chief executive officer. Additionally, Peter F. Volanakis, 49, will replace Weeks as chief operating officer. These actions were approved by the board of directors today and will take effect at the company's annual shareholder meeting on April 28, 2005. Houghton will retain the role of chairman of the board of directors.

"I couldn't be more pleased that Wendell Weeks will be succeeding me as chief executive officer," Houghton said. "The board of directors and I firmly believe that he possesses the experience, the commitment to our values and the leadership skills to successfully continue the exciting growth opportunities that the management committee has developed over the past three years," he said.

"When I returned to this position in April of 2002, I stated that our goal was to return this company to profitability. We have done so in remarkable fashion and the timing is now right for this transition. Wendell, Peter and the entire management committee are a battle tested, strong and talented team that will lead us forward," Houghton said. He also said his role as chairman will allow him to maintain a close working relationship with Weeks and the rest of the management committee.

"I truly appreciate the confidence Jamie and the board are placing in me," Weeks said. "It is a humbling task to succeed someone as experienced, respected and revered as Jamie. I have worked closely with Jamie and all the members of our management committee for a number of years. We respect and trust each other and we have a very strong working relationship. Our task is to continue to move the company strategy forward and to preserve the trust of our stakeholders," he said.

Weeks said, "We have restored the company's financial stability and we are making significant investments in such areas as larger size liquid crystal display glass panels for televisions, computers and a number of other consumer applications, emissions products for the heavy-duty diesel market, and fiber-to-the-home solutions. Corning is poised to embark on a significant growth period, and it is the leadership team's responsibility to sustain these growth opportunities, while protecting our financial stability and living our values."

The members of Corning's Management Committee will report to Weeks as CEO. These include: Volanakis; James B. Flaws, vice chairman and chief financial officer; Joseph A. Miller, executive vice president and chief technology officer; Kirk P. Gregg, executive vice president and chief administrative officer; and Pamela C. Schneider, senior vice president and operations chief of staff.

Corning Inc.

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