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Corning: Houghton to step down as chairman of the board

Corning Incorporated announced 24 January 2007 that James R. Houghton, 71, will step down as non-executive chairman of the board at the company“s annual shareholders meeting on 26 April 2007. He will…

Corning Incorporated announced 24 January 2007 that James R. Houghton, 71, will step down as non-executive chairman of the board at the company“s annual shareholders meeting on 26 April 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 on 24 January 2007 and will take effect at the company“s annual shareholder meeting in April 2007. Mr. 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, Mr. 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”.

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