Corning CEO Draws $9.28m

Date: 14 March 2008
Source: Corning Inc.
ROCHESTER, N.Y. (AP) -- The chief executive of Corning Inc., Wendell Weeks, drew total compensation valued at $9.28 million in 2007, almost 13 percent higher than in the previous year, according to a regulatory filing made on Monday.

Weeks received a base salary of $990,000, $2.1 million in performance incentives and other perks worth $209,122 that included the use of company aircraft.

He also received $6.04 million worth of stock and option awards, the value on the day they were granted, an analysis of a Securities and Exchange Commission filing showed. This comprised the biggest part, or 17.8 percent, of his increase in compensation.

Perks, or all other compensation he received, rose 17.2 percent from 2006.

Weeks, 48, who also holds the title of chairman, received a regularly scheduled salary increase of 4 percent on Jan. 1, 2007, Corning said in a proxy statement. It will hold its annual stockholders' meeting on April 24.

The glass, fiber optics and specialty materials company said the base salary of its five most highly compensated executive officers accounted for approximately 13 percent to 20 percent of the total direct target compensation, while incentives accounted for 80 percent to 87 percent of the total.

The Associated Press calculations of total pay include executives' salary, bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the value of pension benefits, and they can differ from the totals companies list in the summary compensation table of proxy statements.

Weeks, 48, became CEO in April 2005, succeeding James Houghton, the patriarch of the company that his great-great-grandfather founded in 1851. Houghton retired as chairman last April.

Based in western New York, Corning is the world's biggest maker of liquid crystal display glass used in flat-screen televisions, computers and a myriad of other products. It first devised a way of making unvaryingly flat, ultra-thin glass back in the 1960s.

Corning also makes optical fiber and cable, auto pollution filters and specialty glass products.

The company earned $2.15 billion, or $1.34 a share, in 2007, up from $1.85 billion, or $1.16, in 2006. Sales reached $5.86 billion last year, up from $5.17 billion.

600450 Corning CEO Draws $9.28m

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