James R. Houghton, chairman of the board of directors of Corning Incorporated, retired as an active employee on 1 May 2006, the company announced. Houghton will continue in a leadership role as non-ex…
James R. Houghton, chairman of the board of directors of Corning Incorporated, retired as an active employee on 1 May 2006, the company announced. Houghton will continue in a leadership role as non-executive chairman of the board. Mr. Houghton, who has more than 37 years of service with Corning, first retired from the company in 1996. He returned as non-executive chairman in June, 2001, and he was named chairman and chief executive officer (CEO) by the board of directors in April, 2002. He relinquished the CEO role in April, 2005, at which time the board named Wendell P. Weeks, president and CEO, and Peter F. Volanakis, chief operating officer. These two executives, along with 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; comprise Corning“s Management Committee. James J. O“Connor, lead director, said, “We owe Jamie Houghton a great debt of gratitude. Four years ago he came out of retirement, and working closely with Wendell and the entire Management Committee, they have done a remarkable job of returning this company to profitability, restoring its financial health and resuming its technology leadership.” Mr. Houghton said, “When I returned in 2002 I said I did not have a timetable for retirement. But I did say that I would retire from active employment when the time was right. The time now is right. Wendell is doing an outstanding job as CEO and the entire Management team is one of the most capable I have ever had the opportunity to work with. As I continue in my role as chairman of the board, I look forward to working with this extraordinary team to build on the success of this great company.” By retiring as an active employee, but remaining as non-executive chairman, Mr. Houghton, will now be eligible to begin accepting retirement distributions from Corning“s pension and related plans. The Internal Revenue Service requires that such distributions begin to be made when an individual reaches the age of 70.