James Flaws to Retire as Corning Vice Chairman and Chief Financial Officer
July 21 2015 - 4:25PM
CORNING, N.Y., July 21,
2015 - Corning Incorporated (NYSE: GLW) announced today
that James B. Flaws, vice chairman and chief financial officer,
will retire on Nov. 30 following 42 years of exceptional service
with the company. Flaws will remain vice chairman and a member of
Corning's Board of Directors until his retirement. Flaws will step
down as CFO on Aug. 31.
"On behalf of Corning's board of directors and
management committee, I want to express our profound sense of
gratitude to Jim for his dedication and outstanding 42 years of
service to our company," Wendell P. Weeks, chairman, chief
executive officer and president, said. "Jim and I joined Corning's
board in 2000 and we worked side-by-side to architect the
rebuilding of our company following the telecommunications
industry's financial crash more than a decade ago. Together, we
developed the financial framework that continues to guide the
company's growth strategy.
"Jim has been the process leader over the last 20
years for numerous strategic efforts that shaped the company, from
the spinoff of our healthcare businesses in 1996 to the acquisition
of the Samsung Corning Precision Materials business in 2014.
"Finally, Jim continues to be a dynamic
contributor to the Corning community, helping to bring about civic,
economic and cultural improvements that benefit everyone. Our
company and our community are better places as a result of his
leadership and dedication," Weeks said.
Remarking on his retirement, Flaws said, "I have
been extremely fortunate to spend my entire professional career
with Corning, one of the world's most enduring and successful
companies. I am proud to call Corning, the company and the Corning
area, my home for so many years. Corning has a solid financial
position and tremendous growth opportunities in all its businesses,
which makes the timing right to step aside and allow a next
generation of leaders to drive Corning's future progress."
Flaws joined Corning as a financial analyst and
spent 17 years in Corning's Consumer Products Group, ultimately
serving as its chief financial officer. For the past 22 years, he
has been a part of the corporate leadership, with 17 years as chief
financial officer, 15 years as a member of Corning's board, and 13
years as the company's vice chairman. Flaws was named a member of
the Conference Board's prestigious Council of Finance Executives in
1999, and has been named one of America's Best CFOs three times by
Institutional Investor magazine.
Flaws is on the board of directors for Dow Corning
Corporation, chairman of the boards of trustees for both the
Corning Museum of Glass and the Corning Foundation, and a past
member of the board of trustees for the Rockwell Museum.
Previously, he served 17 years on the board of the United Way of
the Southern Tier, and was instrumental in the founding of the
Corning Children's Center and establishment of quality daycare for
the Corning community.
Following his retirement, Flaws and his wife
Marcia Weber plan to remain in Corning and participate in local
community programs and organizations.
Forward-Looking and Cautionary
Statements
This press release contains "forward-looking statements" (within
the meaning of the Private Securities Litigation Reform Act of
1995), which are based on current expectations and assumptions
about Corning's financial results and business operations, that
involve substantial risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties
include: the effect of global political, economic and business
conditions; conditions in the financial and credit
markets; currency fluctuations; tax rates; product demand
and industry capacity; competition; reliance on a concentrated
customer base; manufacturing efficiencies; cost reductions;
availability of critical components and materials; new product
commercialization; pricing fluctuations and changes in
the mix of sales between premium and non-premium products; new
plant start-up or restructuring costs; possible
disruption in commercial activities due to terrorist activity,
armed conflict, political or financial instability, natural
disasters, adverse weather conditions, or major health concerns;
adequacy of insurance; equity company activities; acquisition and
divestiture activities; the level of excess or obsolete inventory;
the rate of technology change; the ability to enforce patents;
product and components performance issues; retention of key
personnel; stock price fluctuations; and adverse litigation or
regulatory developments. These and other risk factors
are detailed in Corning's filings with the Securities and
Exchange Commission. Forward-looking statements speak only as
of the day that they are made, and Corning undertakes no obligation
to update them in light of new information or future events.
About Corning
Incorporated
Corning (www.corning.com) is one of the world's leading innovators
in materials science. For more than 160 years, Corning has applied
its unparalleled expertise in specialty glass, ceramics, and
optical physics to develop products that have created new
industries and transformed people's lives. Corning succeeds through
sustained investment in R&D, a unique combination of material
and process innovation, and close collaboration with customers to
solve tough technology challenges. Corning's businesses and markets
are constantly evolving. Today, Corning's products enable diverse
industries such as consumer electronics, telecommunications,
transportation, and life sciences. They include damage-resistant
cover glass for smartphones and tablets; precision glass for
advanced displays; optical fiber, wireless technologies, and
connectivity solutions for high-speed communications networks;
trusted products that accelerate drug discovery and manufacturing;
and emissions-control products for cars, trucks, and off-road
vehicles.
Media Relations
Contact:
Daniel F. Collins
(607)
974-4197
collinsdf@corning.com
Investor Relations
Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
View Image: James B.
Flaws
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This
announcement is distributed by NASDAQ OMX Corporate Solutions on
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The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Corning Incorporated via Globenewswire
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