Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

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

Stock Markets Jun 30, 2022 03:41PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Svea Herbst-Bayliss

BOSTON (Reuters) - Aerojet Rocketdyne 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.

Drake and Lichtenstein, whose Steel Partners 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 (NYSE:LMT) 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.

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

Related Articles

European Stock Futures Mixed; Chinese Economy Slows
European Stock Futures Mixed; Chinese Economy Slows By Investing.com - Aug 15, 2022

By Peter Nurse  Investing.com - European stock markets are expected to open in a mixed fashion Monday, starting the week on a cautious note amid concerns about slowing global...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email