NATION
Robert Loughhead, who led Weirton Steel Corp. through the nation’s largest employee stock ownership plan, said he is retiring as the company’s chairman and chief executive officer.
Loughhead, 57, told the corporation’s board of directors at its meeting last week that he would step down as soon as a successor is named.
The Weirton Steel board will begin the search for a new chief executive immediately, said company spokesman Chuck Cronin. No timetable was given.
Loughhead has served as chairman, president and chief executive of Weirton Steel since mid-1983. He had discussed his retirement previously, but Cronin said most within the company were surprised.
The company became 100% employee owned on Jan. 11, 1984, and has since reported 11 consecutive profitable quarters. Cronin said a financial statement to be released later this month for the final quarter of 1986 also would show a profit.
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