Summary
Corning Incorporated (GLW) announced on July 29, 2010, that Peter F. Volanakis, President and Chief Operating Officer, will retire from his executive roles on or before December 31, 2010, after 28 years with the company. He will also step down from the Board of Directors and its Finance and Executive Committees effective December 1, 2010. In recognition of his long tenure and to ensure his continued service through the end of the year, Corning will provide Mr. Volanakis with a payment of $1,000,000 in December 2010. Furthermore, he has entered into a transition agreement to provide consulting services from January 1, 2011, through December 31, 2012. For these consulting services, he will receive compensation totaling $903,000, paid in quarterly installments, and reimbursement for business expenses. This agreement includes standard confidentiality, non-compete, and non-solicitation clauses, and he will also receive retired employee benefits.
Key Highlights
- 1Peter F. Volanakis, President and COO, to retire by December 31, 2010, after 28 years of service.
- 2Mr. Volanakis will also retire from the Board of Directors and its key committees on December 1, 2010.
- 3Corning will pay $1,000,000 to Mr. Volanakis in recognition of his service and retention through year-end.
- 4A transition agreement is in place for Mr. Volanakis to provide consulting services from January 1, 2011, to December 31, 2012.
- 5Compensation for consulting services will be $903,000, payable in quarterly installments.
- 6The transition agreement includes confidentiality, non-compete, and non-solicitation provisions.
- 7Mr. Volanakis will be eligible for retired employee benefits.