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Corning, Bullish on Future, Shuffles Management

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CORNING, N.Y., April 29 -- While Corning Inc. faces serious challenges, it will succeed by capitalizing on its strengths in the telecommunications, advanced materials, information display and environmental markets, said James R. Houghton, chairman and CEO, at Corning's annual shareholder's meeting last week.

Houghton said Corning continues to believe the telecommunications industry has hit bottom but that demand will stay low for the foreseeable future. He said the company must cut costs to prepare to operate as a smaller company, and he reiterated the company's restructuring plans announced on April 15.

Corning's Optical Networking Devices and Photonic Technologies divisions will be integrated into a single business unit, Corning Photonic Technologies, to be led by Gerald J. Fine as senior vice president and general manager. Mark A. Newhouse has been named vice president, New Products and Development for Photonic Technologies.

Alan T. Eusden was appointed senior vice president, Global Business Support Services. Reelected directors are John Seely Brown, chief scientist, Xerox Corp.; Gordon Gund, chairman and CEO, Gund Investment Corp.n; John M. Hennessy, senior advisor, Credit Suisse First Boston; and H. Onno Ruding, vice chairman, Citibank, N.A. Corning past president and CEO John W. Loose, who is retiring, resigned as a director effective April 25. Roger G. Ackerman, retired chairman and CEO, did not stand for re-election.
Apr 2002
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