Allegheny Teledyne’s Chief Resigns

Allegheny Teledyne Inc. said Chief Executive and President William Rutledge resigned after six months on the job, citing personal and family reasons. The Pittsburgh-based company named Chairman Richard Simmons CEO and president, effective immediately. Rutledge was chairman and chief executive of Teledyne Inc. until Allegheny Ludlum Corp. bought the Los Angeles-based company for $2.25 billion in stock in August and named him chief executive of the combined company. Rutledge’s abrupt departure isn’t a serious blow to the maker of specialty metals, aviation and electronic products because other executives are capable of steering the firm’s diversified businesses, analysts said. A company spokesman said Rutledge wasn’t forced out.