Corning: CEO“s annual compensation soars in 2009

Wendell Weeks, CEO of Corning Inc., saw his 2009 compensation increase 43% to USD 10.8 million in 2009, a year in which the speciality glassmaker began by cutting 3,500 jobs but closing on a USD 2 bil…

Wendell Weeks, CEO of Corning Inc., saw his 2009 compensation increase 43% to USD 10.8 million in 2009, a year in which the speciality glassmaker began by cutting 3,500 jobs but closing on a USD 2 billion profit. The pay increase was given in the form of a performance-based cash bonus worth USD 4.82 million, a great deal more than the USD 301,584 he got in 2008. However, USD 3 million of the compensation is connected to Corning“s financial progress in 2010. Weeks“ higher overall compensation in the fiscal year ended 31 December 2009 was offset by a 21% decrease in stock options and restricted stock, worth USD 4.6 million when granted, down from USD 5.8 million in 2008. Weeks“ compensation also included USD 382,471 in benefits, including personal use of the company“s plane, home and personal security, and company contributions to his retirement plans. Weeks, who is also chairman of the company, was nominated CEO in April 2005, succeeding James Houghton, the patriarch of the company that his great-great-grandfather founded in 1851.