IRVINE, Calif. (AP) — Laser maker Newport Corp. said Thursday on Robert Deuster, 57, will retire as chairman and chief executive Oct. 5.
Robert Phillippy, 47, will take over the role of chief executive, while Kenneth Potashner, 49, will become nonexecutive chairman of the board.
Phillippy serves as the company's president and chief operating officer.
Shares of Newport rose 29 cents, or 2 percent, to $14.75 Thursday.