Collins & Aikman to cut nearly 750 white-collar jobs

TROY, Mich. (Aug. 15)—Collins & Aikman Corp. said today it plans to cut nearly 750ùor 14 percentùof its white-collar work force, most of them within the next week, to "right size" the administrative side of the company. The action came four days after the firm named its chairman, David Stockman, as CEO of the automotive interior parts maker. Jerry Mosingo, who had been CEO, president and a director, resigned in response to the move, the company said. Stockman announced five new presidents, who will oversee the day-to-day operations. In its second-quarter earnings release, Collins & Aikman also disclosed it had retained independent counsel to investigate allegations made by two former executives of the company of wrong doing related to the firm's business transactions with two of its current directors.