Corning Incorporated (NYSE: GLW) announced today that Lawrence D. McRae has been elected vice chairman and corporate development officer effective immediately; R. Tony Tripeny has been elected senior vice president and chief financial officer effective Sept. 1, 2015; and Dr. Jeffrey W. Evenson has been elected senior vice president and chief strategy officer effective immediately.
All three are members of the company’s management committee and will report to Wendell P. Weeks, chairman, chief executive officer and president.
McRae, 57, who joined Corning in 1985, will continue to lead the company’s corporate development function, focusing on strategic approaches to business development including mergers and acquisitions. McRae led the negotiations leading to a strategic collaboration agreement between Corning and Samsung Display Co., Ltd., which included Corning’s full ownership of Samsung Corning Precision Materials, Co., Ltd. He also assumes responsibility for the management of the Chief Executive Officer’s office. He has served as a member of the company’s management committee since 2006.
McRae received his bachelor’s degree in accounting from Morgan State University and a master’s degree in business administration from Harvard University. He serves on the board of directors of the Dow Corning Corporation, Samsung Corning Advanced Glass, LLC, and the Corning Foundation.
Tripeny, 56, joined Corning in 1985 as a corporate accounting manager in the company’s telecommunications business segment. He held numerous operational and divisional control roles in his early career. Tripeny became a member of Corning’s executive leadership team in 2011 and the management committee in 2014. He has served as vice president and corporate controller since 2005 and was elected senior vice president, corporate controller and principal accounting officer in 2009. In his new role as chief financial officer, he will oversee the finance and investor relations functions. He has played a significant role in developing the company’s current growth strategy, executing its merger and acquisition transactions, and advising the company on investor relations initiatives.
Tripeny received a bachelor’s degree in economics from the University of Pennsylvania’s Wharton School of Business. He is a member of the Financial Executives Institute and the Institute of Management Accounting. Tripeny is on the board of Hardinge Inc.
Evenson, 49, joined Corning in 2011 as senior vice president and operations chief of staff. In his new role as chief strategy officer, he will oversee the corporate strategy and corporate communications functions and a new center of excellence for advanced analytics. Prior to joining Corning, Evenson was a senior vice president and senior analyst at Sanford C. Bernstein, and was a partner at McKinsey & Company where he led technology and market assessments for early-stage technologies.
Evenson has a Ph.D. in physics from Harvard University and a bachelor’s degree in physics from the Massachusetts Institute of Technology. He serves as a trustee at the Corning Museum of Glass and the Corning Foundation. He is also a member of the board of directors of View, Inc.
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.