Wendell Weeks – chairman, president and CEO of Corning Inc. – received total compensation valued at approximately $11.2 million in 2013, according to the company's proxy statement, filed Thursday with the Securities and Exchange Commission.
CORNING | Wendell Weeks – chairman, president and CEO of Corning Inc. – received total compensation valued at approximately $11.2 million in 2013, according to the company’s proxy statement, filed Thursday with the Securities and Exchange Commission.
Weeks earned a base salary of $1.22 million, stock awards of $1.75 million, option awards of $1.74 million, performance-linked bonuses of $5.71 million, and other compensation of $775,000, according to the proxy statement.
Corning Inc. posted core sales of $7.95 billion, core earnings of $1.79 billion and core earnings per share of $1.23 in 2013, all of which were up from 2012, according to its year-end report.
Weeks received compensation valued at $10.33 million in 2011 and $12.64 million in 2012.
Weeks, 54, joined Corning Inc. in 1983. He was named president and chief operating officer in 2002, succeeded Jamie Houghton as CEO in 2005, and was named chairman in 2007.
Compensation for other top executives, according to the proxy statement:
• Jim Flaws, vice chairman and chief financial officer, earned a base salary of $921,462 and total compensation of $7.25 million. That included a $1.5 million bonus, which he has received each of the past three years for delaying his retirement.
In the proxy statement, the company explained that Flaws’ role is “broader and more extensive than that of a typical CFO” and that his “breadth and depth of knowledge of our business is unique and valuable,” and that he was asked to stay in part because of the retirements of two other members of the management committee in 2010 and 2012, respectively.
Flaws, 65, has been with Corning Inc. for 40 years, including 17 as CFO. His current agreement to extend his tenure with the company ends in July 2014, but that doesn’t mean he will retire this year, according to Corning Inc. spokesman Dan Collins.
• Kirk Gregg, executive vice president and chief administrative officer, earned a base salary of $648,769 and received total compensation of $3.41 million.
• Lawrence McRae, executive vice president for strategy and corporate development, earned $626,769 in base salary and total compensation of $3.31 million.
• Lewis Steverson, senior vice president and general counsel, earned $290,000 in base salary and received $5.23 million in total compensation. That includes a $750,000 cash bonus and a special one-time restricted stock award valued at $2.25 million to compensate him for leaving Motorola to join Corning Inc. in June 2013.
In the proxy statement, Corning Inc. gave notice that its annual shareholders meeting will be held April 29 in Corning.
At the meeting, shareholders will be asked to cast an advisory vote on executive compensation, known as “say on pay,” and approve the election of the company’s 12 board of directors nominees to one-year terms, among other business items.
“I’m pleased to report that 2013 was a strong year for the company, including steady earnings-per-share growth, the acquisition of the other 50 percent of Samsung Corning Precision Materials Co., Ltd., and the introduction of several new products,” Weeks wrote to shareholders in the notice. “As the company’s performance improved, we honored our commitment to return cash to shareholders. We increased the dividend, launched a $2 billion share repurchase program, and announced plans to launch an additional $2 billion buyback at the close of the SCP transaction, which took place in January.”
The company added 2,000 employees to its global workforce in 2013, and another 3,000 due to the acquisition of the former joint venture with Samsung in South Korea, bringing the total to about 34,000, Collins recently told The Leader. That includes about 5,100 employees in the greater Corning area.