I think Corning -- the maker of Gorilla Glass -- has done well for its shareholders, here. Mr. Clark is a fine executive, and will bring world-class manufacturing/operational insights to the Corning board. After all, chemicals and pharmaceuticals aren't even second cousins -- they're first cousins. From the Corning press release of this evening, then:
. . . .Corning Incorporated today appointed Richard T. Clark, retired chairman and chief executive officer of Merck, to Corning’s board of directors, effective immediately. . . .
He is a director of Automatic Data Processing, Inc. (ADP) and serves on the advisory board of American Securities. He is a trustee of PENN Medicine, which includes the University of Pennsylvania School of Medicine and the University of Pennsylvania Health System. Clark is chairman of the board for Project Hope, a global health education and humanitarian assistance organization. Clark serves as a trustee of Washington & Jefferson College and as a member of several other business, policy, and charitable organizations. . . .
Mr. Clark will serve on the Corning Board's Audit Committee, and its Compensation Committee. So, not such a quiet retirement, after all.
4 comments:
The former CEO of a company fraught with warning letters and fines for manufacturing and marketing practices that arose during his tenure. He wouldn't be my first choice for a seat on an audit committee but hey, I didn't invent gorilla glass, I only use it.
Not true, most of the headaches were from Gilmartin's tenure or acquired from Hassan/SGP.
Clarke was head of manufacturing while Gilmartin was CEO so he definitely bears some of the responsibility for the issues there. As for your Hassan statement, since he was CEO for the merge where was the due diligence? Audit Committee members are responsible for identifying and mitigating the company's highest risks and I don't think has demonstrated those skills effectively.
Me?
I think you are both right!
Namaste
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