Corning Takes Executive Action

James R. Houghton to become CEO of Corning; President & CEO John W. Loose to retire; Wendell P. Weeks to be named President & COO

April 15, 2002

1 Min Read

CORNING, N.Y. -- Corning Incorporated (NYSE:GLW) said today that John W. Loose, 60, president and chief executive officer, has announced plans to retire from the company on April 25 at Corning's annual shareholders meeting.Corning's Board of Directors has named James R. Houghton, 66, the company's current chairman of the board, to the additional position of chief executive officer. Houghton has been serving as Corning's non-executive chairman since June 2001, and previously served as Corning's chairman and CEO from 1983 to 1996.Houghton said, "Along with others in the communications equipment industry, Corning is being impacted by dramatically reduced telecommunications carriers’ capital spending. Nevertheless, our fundamental strengths in materials technology and manufacturing remain world-class and have allowed us to continue to maintain market leadership in these difficult times. I am encouraged by the recent bottoming out of sales and the impact of our cost reduction programs. Although our telecommunications results remain weak, we are seeing improved results in a number of our information display and advanced materials businesses.” Corning also announced that Wendell P. Weeks, 42, president of Corning Optical Communications, will be nominated to become the company’s president and chief operating officer. Peter F. Volanakis, 46, will report to Weeks and continue as president of Corning Technologies and as a member of Corning's Board of Directors. James B. Flaws, 53, currently executive vice president and chief financial officer, will be nominated to be vice chairman of the board of directors and will remain CFO. Dr. Joseph A. Miller Jr., 60, will be nominated to be executive vice president and continue as chief technology officer. Kirk P. Gregg, 42, will be nominated to be executive vice president and chief administrative officer. Corning Inc.

Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes it's completely free.

You May Also Like