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Alliant Techsystems CEO steps down for personal reasons
The defense contractor appointed John Shroyer interim CEO and said it would search for a successor inside and outside the company.
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Alliant Techsystems Inc., the Eden Prairie-based defense contractor, said Wednesday that the company's chief executive and chairman, Daniel Murphy, is stepping down for personal reasons.
Alliant named John Shroyer, Alliant's chief financial officer, interim CEO. Gen. Ron Fogleman, an Allliant director, was appointed chairman.
In a prepared statement released Wednesday night after the markets closed, Alliant said that Murphy would retire in March but that the appointments of Shroyer and Fogleman were effective immediately.
"I am leaving the company to address family matters that require my personal attention," Murphy said in the statement. Murphy has been Alliant's CEO since 2003 and its chairman since 2005.
Alliant said it would look for CEO candidates both inside and outside the company.
The announcement came as Alliant also released its second-quarter results. For the quarter ended Oct. 4, Alliant reported net income of $72.6 million, or $2.19 a share, up from $61.5 million, or $1.77 a share, a year ago. Second-quarter revenue was $1.2 billion, up 11 percent from a year ago.
Alliant raised its full-year earnings forecast to $8.60 to $8.75 a share, up from a previous forecast of $8.45 to $8.60. The company now expects full-year sales of $4.825 billion to $4.875 billion, up from a previous forecast of $4.80 billion to $4.85 billion.
In trading Wednesday before the announcements, Alliant shares rose 13 cents to close at $83.23.
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