Aerojet investors end proxy fight with chairman by electing CEO's slate

Aerojet Rocketdyne Holdings

30/06/2022 19:59

By Svea Herbst-Bayliss
    BOSTON, June 30 (Reuters) - Aerojet Rocketdyne  AJRD.N 
shareholders on Thursday elected the eight-person board slate
headed by Chief Executive Officer Eileen Drake, the company said
in a statement, ending one of the most bitterly fought proxy
contests of the year.
    Based on preliminary results, Drake's slate won more than
75% of the votes cast, with Drake herself winning more than 83%
of the vote, the statement said. The eight-person slate
nominated by Executive Chairman Warren Lichtenstein received
roughly 25% of the vote. 
    The meeting was held earlier this morning and lasted only
minutes, said people familiar with the event.  urn:newsml:reuters.com:*:nL1N2YF21R
    Drake and Lichtenstein, whose Steel Partners  SPLP.N  and
affiliates own more than 5% of the U.S. rocket maker's stock,
have been battling each other since the collapse of a planned
$4.4 billion merger with Lockheed Martin Corp  LMT.N  earlier
this year.
    "A difficult and costly fight has brought us to this point,
but the time has come today to plot a positive path and work
with all our shareholders, including Steel Partners, to maximize
value," Drake said in a statement. She also thanked Lichtenstein
and other departing board members for their service.
    Evercore, Paul Hastings, Gibson Dunn, King & Spalding,
Ballard Spahr, Richards Layton & Finger and DF King advised
Drake. 

 (Reporting by Svea Herbst-Bayliss; Editing by Josie Kao)
 ((svea.herbst@thomsonreuters.com; +617 856 4331; Reuters
Messaging: svea.herbst.thomsonreuters.com@reuters.net))