Also . . .

* Texaco Inc. said a recovery in oil prices was further away than it had thought and announced it would slash planned 1999 capital spending by 11%. The White Plains, N.Y.-based oil company also said it would speed up its $650-million cost-cutting program unveiled in December. Instead of $4.3 billion of capital spending this year, a figure that Texaco said was based on an average price of $15 per barrel for West Texas Intermediate oil for 1999, Texaco said it will spend $3.7 billion. Texaco shares fell 44 cents to close at $54.38 on the NYSE.

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* AT&T; Corp. named H. Eugene Lockhart as its chief marketing officer, capping a yearlong search for an executive who could develop a fresh brand image and marketing campaign for the largest U.S. telecommunications company. Lockhart was formerly president of BankAmerica Corp.’s Global Retail Bank unit.

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* Starwood Hotels & Resorts Worldwide Inc.’s shareholders approved the company’s plan to convert from a real estate investment trust to a corporation to cope with the loss of a tax advantage. The approval cleared the way for the White Plains, N.Y.-based company to shed its status as a paired-share REIT. Starwood’s decision to convert came after Congress placed new limits on the tax advantages of paired-share REITs.

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* Pioneer Hi-Bred International Inc., the world’s largest seed company, had higher losses than analysts expected in its fiscal first quarter, as farmers, discouraged by the lowest prices in two decades, planted less wheat than they did a year earlier. The Des Moines-based producer of corn, soybean, wheat and other seed posted a net loss of $74.8 million, or 31 cents a share, in the quarter ended Nov. 30, compared with a loss of $51 million, or 24 cents, in the year-ago period.