Corning Incorporated Re-elects John W. Loose as President and CEO.

Business Editors

CORNING, N.Y.--(BUSINESS WIRE)--June 21, 2001

James R. Houghton Elected Non-executive Chairman Shareholders Re-elect 

6 Board Members, Elect 1 New Member

John W. Loose, 59, today was re-elected Corning Incorporated's president and chief executive officer by the company's board of directors.

The board also elected James R. Houghton, 65, a former chairman and CEO, as non-executive chairman of the board and appointed Roger G. Ackerman to a one-year term as a director. Ackerman, 62, today retired as chairman at the conclusion of the company's annual shareholder meeting and prior to the kick-off of Corning's 150th anniversary celebration in Corning, N.Y.

Loose said, "Corning's continual transformation has allowed us to withstand many hurdles in our 150 years. Today, we are facing enormous challenges with the dramatic slowdown in the telecommunications industry. I am confident that we have the products, the technologies and the strategy necessary to sustain ourselves through this period and emerge even stronger than before."

He added, "Extraordinarily challenging times require extraordinary actions. Therefore, I have decided to call upon two of our past leaders to assist me in guiding Corning forward through these challenges. I have asked Roger Ackerman to remain on the board, enabling me to benefit from his wisdom and experience gained from transforming Corning into a global high-growth, optical communications leader. Additionally, I have prevailed upon Jamie Houghton to serve as non-executive chairman of our board so that I may better access his experience in reshaping organizations during turbulent times, and allowing me, along with my senior management team, to focus on the business issues."

Remarking on his appointment, Houghton said, "Having experienced difficult economic times in various points in my career, I fully appreciate the challenges the company faces today. I hope in my role as non-executive chairman that I can add value to John and his team as they focus on the business strategy and execution. I will work closely with John to help him lead Corning into its second 150 years as a technology innovator."

Loose joined Corning in 1964. During his 37 years with the company he held leadership positions across Corning's broad portfolio of businesses, including the international division. In 1996, he was named president of Corning Communications and co-chief operating officer of Corning Incorporated, where he was responsible for the company's telecommunications business. In December 1999, he was named president and chief operating officer. He became president and chief executive officer in December 2000.

Houghton originally joined Corning in 1962. He became vice chairman of the company in 1971 and served 13 years as chairman and CEO of the company from 1983 until his retirement in 1996. He has been a member of the board of directors since 1969.

Ackerman joined Corning in 1962. In 1990 he was elected president and chief operating officer of Corning. He was elected chairman and CEO in 1996. He has been a company director since 1986.

In other annual meeting business, Corning's shareholders elected one new member to the board of directors, Hansel E. Tookes II, president of Raytheon International, Inc. The following board members were re-elected: James B. Flaws, executive vice president and chief financial officer, Corning Incorporated; John H. Foster, managing partner, Foster Management Company; Catherine A. Rein, president and chief executive officer, Metropolitan Property and Casualty Insurance Company; William D. Smithburg, retired chairman, president and chief executive officer, The Quaker Oats Company; Peter F. Volanakis, president, Corning Technologies, Corning Incorporated; and Wendell P. Weeks, president, Corning Optical Communications, Corning Incorporated.

Established in 1851, Corning Incorporated (www.corning.com) creates leading-edge technologies for the fastest-growing markets of the world's economy. Corning manufactures optical fiber, cable and photonic products for the telecommunications industry; and high-performance displays and components for television, information technology and other communications-related industries. The company also uses advanced materials to manufacture products for scientific, semiconductor and environmental markets. Corning revenues for 2000 were $7.1 billion.