Corning Announces Flaws Retirement, Series of Management Promotions
Corning Inc. recently announced that James B. Flaws, vice chairman and chief financial officer (CFO), will retire on November 30, 2015, after 42 years of service with the company. Flaws will remain vice chairman and a member of Corning’s Board of Directors until his retirement. He will step down as CFO on August 31.
“On behalf of Corning’s board of directors and management committee, I want to express our profound sense of gratitude to Jim for his dedication and outstanding 42 years of service to our company,” said Wendell P. Weeks, chairman, CEO and president. “Jim and I joined Corning’s board in 2000 and we worked side-by-side to architect the rebuilding of our company following the telecommunications industry’s financial crash more than a decade ago. Together, we developed the financial framework that continues to guide the company’s growth strategy. Jim has been the process leader over the last 20 years for numerous strategic efforts that shaped the company, from the spinoff of our healthcare businesses in 1996 to the acquisition of the Samsung Corning Precision Materials business in 2014. Finally, Jim continues to be a dynamic contributor to the Corning community, helping to bring about civic, economic and cultural improvements that benefit everyone. Our company and our community are better places as a result of his leadership and dedication.”
Remarking on his retirement, Flaws said, “I have been extremely fortunate to spend my entire professional career with Corning, one of the world’s most enduring and successful companies. I am proud to call Corning, the company and the Corning area, my home for so many years. Corning has a solid financial position and tremendous growth opportunities in all its businesses, which makes the timing right to step aside and allow a next generation of leaders to drive Corning’s future progress.”
Flaws joined Corning as a financial analyst and spent 17 years in Corning’s Consumer Products Group, ultimately serving as its CFO. For the past 22 years, he has been a part of the corporate leadership, with 17 years as CFO, 15 years as a member of Corning’s board, and 13 years as the company’s vice chairman.
Corning also recently announced several management promotions: Lawrence D. McRae has been elected vice chairman and corporate development officer; Jeffrey W. Evenson, Ph.D., has been elected senior vice president and chief strategy officer; and R. Tony Tripeny has been elected senior vice president and CFO. The appointments of McRae and Evenson are effective immediately, while Tripeny’s is effective September 1, 2015. All three are members of the company’s management committee and will report to Weeks.
McRae, who joined Corning in 1985, will continue to lead the company’s corporate development function, focusing on strategic approaches to business development such as mergers and acquisitions. McRae reportedly led the negotiations leading to a strategic collaboration agreement between Corning and Samsung Display Co., Ltd., which included Corning’s full ownership of Samsung Corning Precision Materials, Co., Ltd. He also reportedly assumes responsibility for the management of the CEO’s office. He has served as a member of the company’s management committee since 2006.
Tripeny joined Corning in 1985 as a corporate accounting manager in the company’s telecommunications business segment. He held numerous operational and divisional control roles in his early career. Tripeny became a member of Corning’s executive leadership team in 2011 and the management committee in 2014. He has served as vice president and corporate controller since 2005 and was elected senior vice president, corporate controller and principal accounting officer in 2009. In his new role as CFO, he will oversee the company’s finance and investor relations functions. He reportedly played a significant role in developing the company’s current growth strategy, executing its merger and acquisition transactions, and advising the company on investor relations initiatives.
Evenson joined Corning in 2011 as senior vice president and operations chief of staff. In his new role as chief strategy officer, he will oversee the corporate strategy and corporate communications functions, as well as a new center of excellence for advanced analytics. Prior to joining Corning, Evenson served as a senior vice president and senior analyst at Sanford C. Bernstein, and was a partner at McKinsey & Co., where he led technology and market assessments for early-stage technologies.
For additional information, visit www.corning.com.