Corning Vice Chairman Lawrence D. McRae to Retire After 38 Years with the Company

Corning, N.Y., Oct. 05, 2023 (GLOBE NEWSWIRE) -- Corning Incorporated (NYSE: GLW) today announced that its vice chairman and corporate development officer, Lawrence D. McRae, who has been with the company for nearly four decades, will retire at the end of the year. McRae will continue in his current role and remain on Corning’s Senior Leadership Team until his retirement.

“Larry has long been a trusted and valued advisor to me – even before he joined Corning. He’s played a pivotal role in shaping the company’s evolution over his 38 years of service – contributing to our past successes and helping build a strong future,” said Wendell P. Weeks, chairman and chief executive officer.

Weeks continued, “Larry has served as a key player on many of the most transformative and strategic decisions in the company’s recent history, and the board and I deeply appreciate his leadership and contributions. We wish him all the best in retirement.”

As vice chairman and corporate development officer, McRae implemented strategies related to Corning’s business portfolio, partner agreements, and mergers and acquisitions. Some recent achievements include the acquisition of Samsung Corning Precision Materials, the strategic realignment of Corning’s ownership interest in Dow Corning Corporation, and Corning’s majority ownership position in Hemlock Semiconductor.

McRae joined the company in 1985 and has held a broad range of leadership positions in finance, sales, marketing, and general management across Corning.

He has led Corporate Development at Corning since 2000 and has been a member of the company’s Senior Leadership Team (formerly its Management Committee) since 2007, becoming vice chairman in 2015.

Remarking on his retirement, McRae said, “It’s truly been an honor to work for such a life-changing company, and I am extremely fortunate to have spent my career here, working with some of the greatest minds and leaders in the corporate landscape. Corning has a bright future ahead, and I look forward to watching the next generation of leaders drive our ongoing progress.”

Caution Concerning Forward-Looking Statements
The statements contained in this release and related comments by management that are not historical facts or information and contain words such as “will,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “seek,” “see,” “would,” “target,” “estimate,” “forecast” or similar expressions are forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include estimates and assumptions related to economic, competitive and legislative developments. Such statements relate to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements relate to, among other things, the company’s future operating performance, the company’s share of new and existing markets, the company's revenue and earnings growth rates, the company’s ability to innovate and commercialize new products, the company's expected capital expenditure and the company’s implementation of cost-reduction initiatives and measures to improve pricing, including the optimization of the company’s manufacturing capacity.