Corning To Form Two New Business Sectors; Ackerman Nominates Garrity and Loose As Sector Presidents.CORNING, N.Y.--(BUSINESS WIRE)--March 14, 1996--Corning Incorporated (NYSE NYSE See: New York Stock Exchange :GLW GLW Glasgow Airport (UK) GLW Gross Laden Weight GLW Good Lady Wife (Australia) ) today announced the formation of two new major business sectors: Corning Communications and Corning Technologies -- consolidating the existing four groups of the products side of the company. The new organizations are expected to become effective on April 25, 1996, following the company's annual stockholders meeting and final approval by its board of directors. Corning's current President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , Roger G. Ackerman, who has been nominated nom·i·nate tr.v. nom·i·nat·ed, nom·i·nat·ing, nom·i·nates 1. To propose by name as a candidate, especially for election. 2. To designate or appoint to an office, responsibility, or honor. to assume the chairmanship of Corning Incorporated Corning Incorporated NYSE: GLW is an American manufacturer of glass, ceramics and related materials, primarily for industrial and scientific applications. The company was known until 1989 as Corning Glass Works. when current chairman, James R. Houghton James R. Houghton is the Retired Chairman of the Board of Corning Incorporated. Houghton has Bachelor of Arts and master of business administration degrees from Harvard University (A.B., 1958, MBA, 1962). retires on April 25, has nominated John W. Loose and Norman E. Garrity to serve as presidents of Corning Communications and Corning Technologies, respectively. "Corning's strategy calls for growth in new businesses and increased competitiveness in existing businesses," Ackerman said. "To ensure the success of this strategy, I have nominated John and Norm to head up our new business sectors. They are absolutely the right people to do the job and I look forward to working with them in their new roles." In addition to serving as sector Presidents, Garrity and Loose will serve jointly in the role of Chief Operating Officer for the products side of the company. Both executives will be proposed for election to the Corning Incorporated Board of Directors later this year. Van C. Campbell, Corning's vice chairman and chief financial officer, will continue as chairman of Corning Life Sciences, Inc. As a result of the organizational changes, the following business units will be combined into one sector called Corning Technologies: Consumer Products, Optical Products, Environmental Products, Lighting and Materials, and Science Products. Corning Communications will be comprised of the following business units: Telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. Products, Siecor Corporation, Opto-Electronics Components, Corning Asahi Video Products Company, Advanced Display Products, and Projection Television Lens Assemblies. 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 Inc., Corning Paul A. Rogoski, 607/974-8832 |
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