Corning plans job cuts

US glass manufacturer Corning, Inc. said that CEO John Loose would retire on 25 April and hand over the job to chairman James Houghton. The world“s biggest maker of optical fiber also plans to cut ab…

US glass manufacturer Corning, Inc. said that CEO John Loose would retire on 25 April and hand over the job to chairman James Houghton. The world“s biggest maker of optical fiber also plans to cut about 4,000 more jobs, chief financial officer Jim Flaws said in an interview. Corning had a first-quarter loss of 10 cents a share. Analysts expected a loss of 17 cents. Sales fell to US$ 900 million, missing a company estimate of at least US$ 925 million, it said in a preliminary report. Houghton, 66, was chief executive from 1983 to 1996. Loose, 60, a 38-year Corning veteran promoted to CEO in January 2001, has presided over an 87% decline in the company“s shares. Houghton, a great-great-grandson of the company“s founder, had returned to his role as chairman in June to help Loose amid the slowdown in spending on telephone gear that led to cost cuts. The company said in the statement that it will have US$ 600 million in costs the second and third quarter as it eliminates jobs.