Fiberoptics pioneer and LCD substrates leader Corning Inc. has rewarded its CEO and four other top executives with performance-based bonuses for the first time in three years.
The company said cost c…
Fiberoptics pioneer and LCD substrates leader Corning Inc. has rewarded its CEO and four other top executives with performance-based bonuses for the first time in three years. The company said cost cutting helped decrease its annual losses. Corning also repeated its 1Q 2004 profit estimate. Chief Executive Officer James Houghton received a USD 2.34 million bonus, increasing his compensation excluding stock options to USD 3.35 million from USD 679,383 a year earlier, according to the company“s proxy statement. The company“s net loss went down to USD 223 million in 2003 from USD 1.3 billion in 2002 as it cut costs and focused on sales of LCD substrate glass for use in flat screen monitors as demand slowed for optical fiber from telecomms carriers.