Corning president retires
Corning said John Loose will retire as its president and chief executive. This development coincides with the company's announcement that it will report a lower-than-expected first-quarter loss.
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Sales during the first quarter are anticipated to be about $900 million, down from earlier projections of between $925 million and $950 million and a far cry from the $1.92 billion in sales reported during the same quarter last year.
Corning also is embarking on a restructuring plan in an effort to return to profitability by 2003. Measures include work-force reductions, plant closures, elimination of some research and development facilities, spending cuts and potential divestitures.
--Kelly Carroll, Staff Writer
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© 2012 Penton Media Inc.
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