Corning to Cut 4,000; CEO to Step Down
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Corning Inc., the No.1 maker of optical fiber, will cut about 4,000 more jobs and said Chief Executive John Loose will step down after a little more than a year in the job. Chairman James Houghton will become CEO.
The company said in a preliminary report that it had a first-quarter loss of 10 cents a share, smaller than the 17-cent loss that analysts had forecast, as sales fell to $900 million, below its estimate of at least $925million. Corning, which eliminated 12,000 positions last year, is cutting more jobs to reduce expenses after demand for its products fell further.
Shares of the Corning, N.Y.-based company fell 2 cents to $6.83 on the New York Stock Exchange. They have fallen 71% in the last year.
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