Changes of the Week

P: 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 6 1/2 points, touching off a wave of selling of other electronic issues. Reason: in his three years with Raytheon, Geneen, who came from a top post at Jones & Laughlin Steel Corp.. helped reorganize Raytheon so effectively (TIME, June 23) that earnings rose to $3.08 per share last year from 45-c- per share in 1956. At I. T. & T. (1958 sales: $635 million) Geneen will be given full sway to build the company's profits, broaden its consumer and industrial electronic business.

P: Sheik Abdullah Tariki, 40, and Sheik Hafiz Wahba, 69, were elected directors of the Arabian American Oil Co., first Saudi Arabians to go on the board. Aramco had agreed five years ago to add Saudis to the board, but they did not seem interested until Tariki began his campaign for more say in running the company (TIME, April 27). Tariki, who holds a master's degree in oil engineering from the University of Texas, has steadily campaigned for a bigger cut in Aramco's profits. He wants to force it to become an integrated company in hopes of extending Saudi control over its output, even though most oilmen know that the big profits in oil are from producing, not from refining and marketing. Aramco also announced the election of Thomas Barger, 49, who was vice president and assistant to the president before, as president to succeed Norman Hardy, who was named board chairman. P: Avard E. Fuller. 42, was named president and chief executive officer of Fuller Brush Co., to succeed his older brother. Alfred Howard Fuller, 46, who was killed in a sports-car accident. Born in Hartford, Conn., home of Fuller Brush, Avard Fuller started out to be an aeronautical engineer, decided in 1937 to join his father's company. He has been a door-to-door brush salesman but is best known for innovations in brushmaking machinery. Stout, balding Avard Fuller is a yachtsman (48-ft. ocean racing yawl) and a sports-car fan.

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