PERSONNEL: Changes of the Week, Jun. 1, 1959

¶ Harold S. Geneen, 49, resigned as executive vice president of Raytheon Co. to become president and chief executive officer of International Telephone & Telegraph Corp., succeeding Edmond H.

Leavey, who will serve as chairman until his retirement in July. Geneen's resignation came as a surprise to Raytheon President Charles Francis Adams and a shock to Wall Street. Geneen simply walked into Adams' office and announced: "I'm resigning." Company insiders say Geneen wanted Adams' spot as chief executive, realized that Adams was not about to yield. Geneen's resignation sent Raytheon's stock down...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!