Corning CEO Received $8.23 Million In 2006 Compensation

President and Chief Executive Wendell Weeks of Corning Inc. received total compensation valued at $8.23 million last year, according to a regulatory filing Tuesday.

Weeks received a base salary of $952,000, $1.97 million in performance incentives, stock and option awards valued at $5.1 million and $178,492 in other compensation, including $81,000 for financial counseling and $42,000 for use of an aircraft.

The Associated Press calculation of total pay includes salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

Weeks received a regularly scheduled salary increase of about 4 percent on Jan. 1, 2006, Corning said in its proxy statement filed with the Securities and Exchange Commission.

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 77 percent to 80 percent of the total.

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