Alliant Techsystems (NYSE: ATK) has named Mark DeYoung the company’s new president and chief executive officer (CEO), effective immediately. DeYoung was also elected to serve on the company’s Board of Directors.
DeYoung, 51 and a 25-year veteran of ATK and its predecessor companies, previously led ATK’s Armament Systems group as President of the company’s largest business entity. In this capacity, he led the group’s expansion from approximately $600 million of revenue in Fiscal Year 2003, to a projected $2.1 billion in revenue in Fiscal Year 2010. His lean manufacturing initiatives and modernization efforts yielded continued margin improvements within Armament Systems.
“I am honored to become ATK’s CEO. Our company is already a leading force in aerospace, defense, and commercial markets. We will build and expand on that success, ” said DeYoung. “We have an outstanding, dedicated workforce that consistently delivers our company’s unique and extremely competitive brand of affordable innovation.
Alliant also reported that fully diluted earnings per share (EPS) in the third quarter of fiscal year 2010 (FY10), which ended on January 3, 2010, rose 26 percent to $2.33, compared to $1.85(1) in the prior-year quarter. The results were driven by improved operating margins and the benefit of a lower than expected tax rate primarily due to the favorable true-up of prior-year taxes. Based on its performance, better visibility into the remainder of the year, and the lower tax rate, the company is raising its full-year EPS guidance to a range of $8.80 – $8.90.