PITTSBURGH (AP) -- Specialty metals maker Allegheny Technologies Inc. said Monday that Chairman and CEO L. Patrick Hassey has decided to retire on May 1.
He'll be replaced by Richard Harshman, 54, who was named president and chief operating officer in August as part of the company's succession plan. The 32-year company veteran previously served as an executive vice president and chief financial officer.
"ATI is well-positioned for continued profitable growth as our key global markets expand in the coming years. Now is the right time for a change in leadership," Hassey said in a statement. Hassey has been in the metals business for more than 40 years, and has been with ATI since 2003.
Shares rose 43 cents to $66.79 in midday trading.