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MarketScreener Homepage  >  Equities  >  Nyse  >  Corning Incorporated    GLW

CORNING INCORPORATED

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Corning Announces New Operating Structure and Introduces COO Role

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04/08/2020 | 04:09pm EDT

CORNING, N.Y. , April 08, 2020 (GLOBE NEWSWIRE) -- Corning Incorporated announced on Wednesday that it is reorganizing its operating structure based on extensive analysis and leadership review. The new structure aligns executive management and business teams around five Market-Access Platforms (MAPs): Mobile Consumer Electronics, Optical Communications, Automotive, Life Sciences, and Display.

Corning’s MAPs are built to serve well-defined market ecosystems. Within each MAP, the company applies a combination of three core capabilities and four manufacturing and engineering platforms to bring value to current and future customers. The MAPs also provide a strong growth mechanism for Corning, creating opportunities to reapply and reuse assets and capabilities developed for customers in one market-ecosystem to serve customers in another. This strategy has contributed significantly to Corning’s strong performance over the last few years, and the reorganization announced today is designed to unlock new opportunities for valuable synergies.

“By organizing around the MAPs, we’re positioning Corning to capture more customer insights, further leverage our distribution channels, and open up new opportunities for innovation with industry leaders,” said Wendell P. Weeks, chairman and chief executive officer. “The new structure allows us to drive growth by activating the full power of our cohesive portfolio.”

Additionally, Corning has established a new leadership position that will drive operational excellence. Eric S. Musser, a 34-year Corning veteran, has been named to the expanded role of president and chief operating officer (COO), effective immediately. “I’m pleased that Eric Musser is assuming this important new role. He’s a transformative leader with a strong track record of execution across the company, and his expertise and industry knowledge will enhance our performance,” Weeks continued. “Eric’s demonstrated ability to consistently execute and hit targets will benefit our five MAPs.”

COO to Focus on Operational Excellence
The Market-Access Platform organizations will report to Musser in his role as COO. Musser will continue to oversee Corning’s international regions and the global manufacturing and supply management functions.

Musser’s newly appointed direct reports are:

  • John P. Bayne Jr., senior vice president and general manager, Mobile Consumer Electronics
  • Michael A. Bell, senior vice president and general manager, Optical Communications
  • Avery (Hal) Nelson III, senior vice president and general manager, Automotive
  • Ronald L. Verkleeren, senior vice president and general manager, Life Sciences
  • John Z. Zhang, senior vice president and general manager, Display

“A next generation of distinguished leaders is stepping up to deliver a well-defined set of inventions and business initiatives,” Weeks said. “I am excited about driving Corning’s future together as we continue to solve tough problems, deepen relationships with customers, and make a positive difference in the world.”   

“Corning’s business goals are clear, and we have positioned ourselves for significant growth. Our enhanced focus on execution will ensure that we do what we say we’re going to do. I’m confident that we will deliver on our priorities,” Musser said.

Reporting directly to Weeks under the new operating structure will be:

  • James P. Clappin, vice chairman and strategic advisor
  • Martin J. Curran, executive vice president and innovation officer
  • Dr. Jeffrey W. Evenson, executive vice president and chief strategy officer
  • Robert P. France, senior vice president, human resources
  • Lawrence D. McRae, vice chairman and corporate development officer
  • Dr. David L. Morse, executive vice president and chief technology officer
  • Anne E. Mullins, senior vice president and chief digital and information officer
  • Eric S. Musser, president and chief operating officer
  • Lewis A. Steverson, executive vice president and chief legal and administrative officer
  • R. Tony Tripeny, executive vice president and chief financial officer

Clark S. Kinlin, executive vice president, Optical Communications, who earlier declared his intention to retire from Corning, will do so later this year at the end of a transition period.

There will be no changes to Corning’s financial reporting segments under the new operating structure. 

Leadership Biographies

https://www.corning.com/worldwide/en/about-us/company-profile/our-leadership.html

Caution Concerning Forward-Looking 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 duration and severity of the recent COVID-19 (coronavirus) outbreak, and its ultimate impact across our businesses on demand, operations and our global supply chains; the effects of acquisitions, dispositions and other similar transactions by the Company, the effect of global business, financial, economic and political conditions; tariffs and import duties; currency fluctuations between the U.S. dollar and other currencies, primarily the Japanese yen, New Taiwan dollar, euro, Chinese yuan, and South Korean won; product demand and industry capacity; competitive products and pricing; availability and costs of critical components and materials; new product development and commercialization; order activity and demand from major customers; the amount and timing of our cash flows and earnings and other conditions, which may affect our ability to pay our quarterly dividend at the planned level or to repurchase shares at planned levels; possible disruption in commercial activities due to terrorist activity, cyber-attack, armed conflict, political or financial instability, natural disasters, or major health concerns; unanticipated disruption to equipment, facilities, IT systems or operations; effect of regulatory and legal developments; ability to pace capital spending to anticipated levels of customer demand; rate of technology change; ability to enforce patents and protect intellectual property and trade secrets; adverse litigation; product and components performance issues; retention of key personnel; customer ability, most notably in the Display Technologies segment, to maintain profitable operations and obtain financing to fund their ongoing operations and manufacturing expansions and pay their receivables when due; loss of significant customers; changes in tax laws and regulations including the Tax Cuts and Jobs Act of 2017; and the potential impact of legislation, government regulations, and other government action and investigations.

For a complete listing of risks and other factors, please reference the risk factors and forward-looking statements described in our annual reports on Form 10-K and quarterly reports on Form 10-Q. 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.

Web Disclosure
In accordance with guidance provided by the SEC regarding the use of company websites and social media channels to disclose material information, Corning Incorporated (“Corning”) wishes to notify investors, media, and other interested parties that it uses its website (http://www.corning.com/worldwide/en/about-us/news-events.html) to publish important information about the company, including information that may be deemed material to investors, or supplemental to information contained in this or other press releases. The list of websites and social media channels that the company uses may be updated on Corning’s media and website from time to time. Corning encourages investors, media, and other interested parties to review the information Corning may publish through its website and social media channels as described above, in addition to the company’s SEC filings, press releases, conference calls, and webcasts.

About Corning Incorporated
Corning (www.corning.com) is one of the world's leading innovators in materials science, with a 169-year track record of life-changing inventions. Corning applies its unparalleled expertise in glass science, ceramic science, and optical physics along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people's lives. Corning succeeds through sustained investment in RD&E, a unique combination of material and process innovation, and deep, trust-based relationships with customers who are global leaders in their industries. Corning's capabilities are versatile and synergistic, which allows the company to evolve to meet changing market needs, while also helping our customers capture new opportunities in dynamic industries. Today, Corning's markets include mobile consumer electronics, optical communications, automotive technologies, life sciences technologies, and display technologies.

Media Relations Contact:    
M. Elizabeth Dann                             
(607) 974-4989                                              
dannme@corning.com
           
Investor Relations Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com

Follow Corning: RSS Feeds | Facebook | Twitter | YouTube


© GlobeNewswire 2020
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EBIT 2020 1 188 M
Net income 2020 278 M
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Yield 2020 4,12%
P/E ratio 2020 113x
P/E ratio 2021 13,8x
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Mean consensus HOLD
Number of Analysts 13
Average target price 24,18 $
Last Close Price 21,38 $
Spread / Highest target 59,0%
Spread / Average Target 13,1%
Spread / Lowest Target -15,8%
EPS Revisions
Managers
NameTitle
Wendell P. Weeks Chairman & Chief Executive Officer
Eric S. Musser President & Chief Operating Officer
R. Tony Tripeny Chief Financial Officer & Executive Vice President
David L. Morse Chief Technology Officer & Executive VP
Anne Mullins Chief Information Officer & Senior Vice President
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