Corning Inc. (GLW) said Wednesday its chief executive will take a 40% cut in base salary as the specialty glass company moves to combat the effect of the coronavirus pandemic. The company's named executive officers salaries will be reduced by 30%, while the cash compensation of its non-employee directors will be cut by 40%, Corning said in a regulatory filing. "Additionally, the company is taking action to reduce the salaries, from 5% to 30%, for all other salaried employees in the United States from June 1, 2020 through December 31, 2020," said the filing. Similar actions will be taken outside the U.S., based on local regulations and mutual consent requirements. The company will issue equity to its employees in the form of restricted stock units and stock options in an amount equal to the salary cut. Shares were up 0.5% premarket, but are down 28% in the year to date, while the S&P 500 has fallen 10%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 20, 2020 06:31 ET (10:31 GMT)
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