William J. McCune Jr., chairman of Polaroid Corp., announced Tuesday that he will retire as chief executive of the Cambridge, Mass.-based company Jan. 1.
McCune said the company's board of directors has elected I. M. Booth, 54, as Polaroid's chief executive. Booth will retain his position as president.
McCune, 70, has been chief executive since 1980 and will continue as chairman. He joined the company in 1939, two years after its founding.
Booth, who has been with the pioneering instant-photography company since 1958, was named president in 1983. He is a director of Western Digital Corp., Irvine.