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.