Aerojet Rocketdyne Shareholders Elect the Entire Independent Slate, Led by CEO Eileen Drake

Rhea-AI Summary

Aerojet Rocketdyne (NYSE: AJRD) announced that its shareholders have elected the entire Independent Slate board, which includes CEO Eileen Drake, receiving over 75% of votes cast. Drake led with more than 83% support among individual nominees. The new board comprises experienced directors aimed at enhancing shareholder value. Acknowledging the proxy fight's challenges, Drake emphasized a focus on value creation and continued engagement with shareholders. Further details will be shared in a Form 8-K filing and on the company's investor website.

Positive

• Independent Slate received over 75% of votes cast.
• CEO Eileen Drake received more than 83% support, indicating strong shareholder backing.
• New board members possess significant experience aimed at enhancing shareholder value.

Negative

• Proxy fight was described as difficult and costly, raising concerns about potential distractions from business focus.

Based on preliminary results, the Independent Slate received greater than 75% of votes cast

EL SEGUNDO, Calif., June 30, 2022 /PRNewswire/ -- Eileen Drake (the CEO of Aerojet Rocketdyne (NYSE: AJRD)) and the other members of the Independent Slate announced today that they have been elected by the shareholders of Aerojet Rocketdyne to serve as directors. The new Board consists of CEO Eileen Drake; incumbent independent directors Gen. Kevin Chilton (Ret.), Thomas Corcoran and Gen. Lance Lord (Ret.); and new independent directors Gail Baker, Marion Blakey, Maj. Gen. Charles Bolden (Ret.), and Deborah James.

Based on preliminary results, the Independent Slate received more than 75% of votes cast. Ms. Drake received the most votes of any individual director nominee, with support from greater than 83% of votes cast.

"We are extremely grateful for the input and support from our shareholders," said Eileen Drake, CEO of Aerojet Rocketdyne. "The new Board consists of highly qualified and experienced directors with track records of creating tremendous shareholder value. Throughout this process, we have had the privilege to speak directly with our shareholders to discuss Aerojet Rocketdyne's strategy and performance, and we welcome the opportunity for continued shareholder engagement. We are pleased that our shareholders recognized the Independent Slate's value creation strategy. We believe Aerojet Rocketdyne has substantial momentum and upside, and we look forward to putting this proxy fight behind us so we can continue to focus on creating value for our shareholders."

"We would like to thank our shareholders for their perspectives and feedback during this process, which the new Board will actively consider. We acknowledge that 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. In that spirit, we would like to thank Warren Lichtenstein and the other departing board members for their service to our Company."

"We would also like to thank Evercore, Gibson Dunn, Paul Hastings, King & Spalding, Ballard Spahr, Richards Layton & Finger, and D.F. King for their top-flight advice, expertise and experience during this complicated process."

Additional information regarding the results of the 2022 Special Meeting will be available in a current report on Form 8-K that will be filed by Aerojet Rocketdyne with the Securities and Exchange Commission and on the Company's investor website ir.aerojetrocketdyne.com.

Important Information

This communication is being made in the participants' individual capacity, and not by or on behalf of Aerojet Rocketdyne Holdings (the "Company"). No Company resources were used in connection with these materials.

CONTACT:
D.F. King & Co.
(212) 269-5550

View original content:https://www.prnewswire.com/news-releases/aerojet-rocketdyne-shareholders-elect-the-entire-independent-slate-led-by-ceo-eileen-drake-301579064.html

SOURCE Committee for Aerojet Rocketdyne Shareholders and Value Maximization

FAQ

What was the outcome of Aerojet Rocketdyne's shareholder meeting on June 30, 2022?

The shareholders elected the entire Independent Slate board, receiving over 75% of votes.

Who is the CEO of Aerojet Rocketdyne as of the latest board election?

Eileen Drake continues to serve as the CEO.

What percentage of votes did Eileen Drake receive in the recent election?

Eileen Drake received more than 83% of the votes cast.

What is the significance of the new board members for AJRD shareholders?

The new board members are expected to enhance shareholder value and engagement.

What challenges did Aerojet Rocketdyne face during the election process?

The company experienced a difficult and costly proxy fight.