PITTSBURGH -- Westinghouse Electric Corp. Chairman Paul E. Lego predicted yesterday that the company would return to the black this year and faced shareholder charges that he profited while presiding over one of the toughest financial periods in the company's history.
Addressing shareholders at Westinghouse's annual meeting, Mr. Lego said there were no plans for additional layoffs.
That issue is of particular interest to the company's approximately 12,000 Electronic Systems Group employees in Maryland. Westinghouse's Maryland work force felt the brunt of the company's decision last year to eliminate 4,000 jobs. Approximately 2,500 of the cuts were at operations in Hunt Valley and Linthicum.
Mr. Lego evidently expected investor criticism of a stock option incentive plan that could offset a cut of more than $1 million in cash compensation last year as a result of the company's poor performance. Westinghouse posted a loss of $1.1 billion last year, in contrast to a $268 million profit the previous year.