As Corning Chairman Prepares to Retire He Is Optimistic About Company's Future; At Last Annual Meeting As Chief Executive Houghton Is Upbeat.

CORNING, N.Y.--(BUSINESS WIRE)--April 25--In his last formal appearance as the company's chairman of the board, James R. Houghton was optimistic about the future of Corning Incorporated (NYSE:GLW) and expressed confidence in the ability of the new management team to lead Corning into the 21st Century.

Separately, the company announced today that Roger G. Ackerman was elected by Corning's board to succeed Houghton as chairman of the board and chief executive officer, effectively immediately.

Speaking at the annual stockholders meeting held today in the Corning Glass Center Auditorium, Houghton looked toward the future with anticipation. "I believe we can justify a good deal of optimism for Corning's prospects," he said. "For example, I would point to our leadership in our key markets of choice -- communications, the environment and health care. We're adding facilities for many of our businesses in these markets -- from optical fiber to projection TV lenses; from diesel filters to pharmaceutical services."

Corning's chairman went on to say that he feels "great" about Corning's future. He pointed to Corning's reputation for superior long-term shareholder returns and the corporation's continued growth. "We've taken the return on equity (ROE) from 8% in 1983 to nearly our stated goal of 18%. But the way one holds a high ROE is by constant growth," he said. "Since 1983 we've grown at a compounded rate of about 13%. Roger's emphasis on growth will ensure we stay on track -- and increase that rate."

Houghton, who championed the concept of Total Quality in Corning, referred to the impact Quality will have on the company's future performance. "I believe that our continued emphasis on Quality will give us the strength to meet and overcome the onslaught of worldwide competition," he said.

In looking at the broader picture, Houghton said that the reason Corning will succeed in the future is because of the character of the company itself. "In this day and age when the voices of criticism of corporations are rising, when the very existence of corporations is being questioned, I believe Corning is a shining example of the best of corporate institutions -- or any other institution for that matter," he said. "In summary, I feel very confident about this corporation's future. Whether its financial performance, quality or our people, we've got a winning hand."

In other business, stockholders re-elected as directors for three-year terms: John Seely Brown, vice president and chief scientist, Xerox Corporation; Gordon Gund, president and chief executive officer, Gund Investment Corporation; John M. Hennessy, chairman of the executive board and chief executive officer, CS First Boston; Henry Rosovsky, Geyser University professor, Harvard University; and H. Onno Ruding, vice chairman, Citicorp and Citibank, N.A.

The Honorable Lawrence S. Eagleburger, senior foreign policy advisor, Baker, Donelson, Bearman & Caldwell, Washington, D.C., was elected for a two-year term.

The company noted that Vernon E. Jordan, Jr., Senior Partner, Akin, Grump, Strauss, Hauer & Feld, will not stand for re-election; and that Dr. David A. Duke, vice chairman, Corning Incorporated, is resigning as a director due to his retirement from Corning later this year. No other resolutions, votes or special issues were brought before the board.

Corning Incorporated is a Fortune 500 company whose businesses are at the leading edge of the technologies that comprise three of the fastest growing segments of the global economy -- Communications, Environment and Life Sciences. Its 1995 sales totaled $5.3 billion.

CONTACT: Corning Contacts:

Kathryn C. Littleton, 206/974-8206

Paul A. Rogoski, 607/974-8832