Corning CEO to Leave, More Job Cuts Eyed

CORNING, NY, April 15 -- Corning Incorporated said President and CEO John Loose, 60 years old and a 38-year veteran with the company, will retire on April 25 and Chairman James Houghton, 66, will assume the CEO title. The company also said that it may cut up to 12.5 percent of its work force and close some plants amid the lingering telecommunications slump.

The company also forecast a narrower-than-expected first-quarter net loss.Corning said in February, when it called the first quarter a bottom for its businesses, that more cost-cutting actions, including job cuts and plant closures, were possible if revenues did not improve.