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Alliant Tech looks internally, externally for CEO

Thu Nov 12, 2009 1:14pm EST

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* No change seen in strategic direction

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* Shares up 3 pct

ATLANTA, Nov 12 (Reuters) - Alliant Techsystems Inc (ATK.N) said on Thursday it expects no major change in its strategic direction in the wake of the departure of its chairman and chief executive.

The ammunition maker said late on Wednesday that Chairman and Chief Executive Daniel Murphy would leave the company and retire in March 2010 for personal reasons. The company said it appointed Chief Financial Officer John Shroyer as interim CEO and Ronald Fogleman as chairman, effective immediately.

"I want to emphasize that it's business as usual, the company won't skip a beat. ATK's leadership bench strength is very deep and all that talent remains in place," Fogleman, a five-year Alliant Techsystems board member, said during a conference call on Thursday.

The company said it will consider internal and external candidates in its search for a permanent CEO.

Also late on Wednesday, Alliant Techsystems posted higher- than-expected second-quarter earnings on higher military sales and raised its full-year outlook.

Its shares were up 3.3 percent at $86.01 in afternoon trading on the New York Stock Exchange on Thursday. (Reporting by Karen Jacobs; editing by Andre Grenon)

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