Corning Inc. execs get profits from stock options

CORNING — Facing rapidly approaching expiration dates, several top Corning Inc. managers have recently exercised stock options and pocketed significant profits.

Among them was Wendell P. Weeks, the company’s chairman and chief executive officer. Weeks on Aug. 2 exercised options to buy 68,250 shares at $18.85 in a transaction valued at $1.2 million. Later in the day, he sold the same shares at $22.20 in a transaction valued at $1.5 million.

Weeks’ options were scheduled to expire on Jan. 1, at which time they would have been worthless.

Stock options are a major part of the total compensation package for Weeks and other top Corning Inc. executives.

Recent growth in Corning Inc.’s stock price has made some options more attractive as their expiration date approached.

For example, Eric S. Musser, executive vice president of Corning Technologies and International, exercised options Aug. 1 to buy 69,902 shares at prices ranging from $12.90 to $17.82 per share.

Musser sold 56,853 of those shares the same day at $22.37 per share in a transaction valued at $1.3 million.

Others who have reported recent transactions to the Securities and Exchange Commission include:

• James P. Clappin, president of Corning Glass Technologies, who exercised options to buy 15,000 shares on July 28 and sold them the same day at $22 a share.
• Martin J. Curran, executive vice president and innovation officer, who bought 9,000 shares at $20.86 on July 28 and sold them for $21.86 later in the day. In another transaction on the same day, Curran exercised options to buy 18,000 shares at $21.89 and sold them for $22.89. His options were scheduled to expire on Dec. 5.
• Lawrence D. Mcrae, vice chairman and chief development officer, exercised options to buy 57,333 shares July 28 at prices ranging from $17.82 to $21.89. He sold them later in the day at $22.26. Most of his options were scheduled to expire in December or January.
• Mark S. Rogus, senior vice president and treasurer, exercised options to buy 27,000 shares Aug. 1 at $20.86 to $21.89 per share and sold them the same day at $22.35. His options were scheduled to expire in December and January.
• Tony R. Tripeny, senior vice president and chief financial officer, exercised options to buy 7,500 shares on July 29 at $20.86 per share and sold them for $22.26 per share. His options were scheduled to expire Jan. 31.
• Lewis A. Steverson, executive vice president, exercised options to buy 74,147 shares Aug. 5 at $14.45 and sold them the same day for $22.55.
• Lisa Ferrero, senior vice president and chief administrative officer, exercised options Aug. 10 to buy 30,000 shares at $18.85 to $20.86 and sold them the same day at $22.85.
• David L. Morse, executive vice president, exercised options to buy 9,000 shares Aug. 11 at $20.86 and sold them the same day at $23.

The Corning Watch column offers analysis of news involving Corning Inc. Contact Larry Wilson in care of Star-Gazette, P.O. Box 285, Elmira, NY 14902; or by email at ldwilson2278@gmail.com. Corning Watch appears Sundays.