Corning's Ackerman Stepping Down; Loose to Take Over

CORNING, N.Y., Dec. 8 -- Roger Ackerman, the man who is credited with putting Corning Inc. on the technological fast track, will step down from his position as Corning's CEO at the end of the year. Ackerman, 62, will turn the reigns over to the company's current president and COO John Loose, a 58-year-old company veteran who has run the core telecommunications division. Ackerman will remain on the board of directors until their annual meeting in June.
Ackerman is known for transforming Corning from a company that was known for glass and housewares to a leading player in telecommunications and other high-tech industries. During Ackerman's tenure, Corning's research and development spending doubled and the company's market capitalization grew to $60 billion.