CORNING, N.Y. (AP) -- Glass and ceramic maker Corning Inc. said on Thursday that its president and chief operating officer, Peter F. Volanakis, will retire by the end of the year after 28 years with the company.
Volanakis, 55, will work as an adviser, beginning Sept. 1, until he retires. Corning's division managers will report directly to Chairman and CEO Wendell P. Weeks.
The company said Volanakis will step down as a director of Dow Corning Corp. during the fourth quarter, and as a Corning Inc. director in December.
Weeks called Volanakis "my strategic partner and operations leader."
"Corning would not be in the strong financial and strategic position it is today without him," Weeks said.
Corning shares rose 22 cents to $17.88 in midday trading.