Summary
Corning Incorporated (GLW) announced significant, temporary compensation adjustments on May 19, 2020, primarily driven by the economic impact of the COVID-19 pandemic. These measures are designed to preserve cash during the uncertain economic climate of 2020. The company is implementing notable salary reductions for its top executives and non-employee directors, reflecting a commitment to shared sacrifice during this challenging period.
Key Highlights
- 1CEO's base salary reduced by 40% effective June 1, 2020.
- 2Other named executive officers' salaries reduced by 30% effective June 1, 2020.
- 3Non-employee directors' cash compensation reduced by 40%.
- 4Salaries for all other U.S. salaried employees reduced by 5% to 30% from June 1, 2020, through December 31, 2020.
- 5Actions outside the U.S. will be taken considering local regulations and consent.
- 6Restricted stock units and stock options will be issued to employees (including named executive officers) equivalent to their salary reduction, to be granted on the grant date.
- 7Non-employee directors will receive restricted stock units equivalent to their fee reduction.