COMMITTEE FOR AEROJET ROCKETDYNE SHAREHOLDERS AND VALUE MAXIMIZATION WELCOMES CHAIRMAN LICHTENSTEIN'S ABOUT FACE AND BELATED CONCESSION TO PUBLICLY RELEASE RESULTS OF INTERNAL INVESTIGATION INTO HIS MISCONDUCT
Aerojet Rocketdyne's CEO Eileen Drake and independent directors expressed relief over Executive Chairman Warren Lichtenstein's decision to release the findings of an internal investigation into his alleged misconduct. This development followed significant pressure from stockholders and a hearing in the Delaware Court of Chancery. Drake emphasized the importance of transparency for shareholders, highlighting the unfortunate delay in addressing stockholder demands.
- Release of internal investigation results may restore investor confidence.
- Increased transparency aligns with stockholder interests.
- Delay in transparency may have eroded stockholder trust.
- Investors had to lobby for three months, indicating potential governance issues.
EL SEGUNDO, Calif., May 4, 2022 /PRNewswire/ -- Eileen Drake (the CEO of Aerojet Rocketdyne (NYSE: AJRD)) and Gen. Kevin Chilton (Ret.), Thomas Corcoran and Gen. Lance Lord (Ret.) (three of its Independent Directors) today issued the following statement:
"We are pleased that Executive Chairman Warren Lichtenstein has finally reversed course and conceded the need to release the results of the internal investigation into his misconduct and violations of company policy and Code of Conduct. It is unfortunate for stockholders that it took three months of lobbying on our part and a hearing before the Delaware Court of Chancery for him to accede to stockholders' demands for transparency. We look forward to this important information being made available to stockholders."
Shareholders with questions can contact our solicitor: D.F. King & Co., (212) 269-5550 (collect) or via e-mail at AJRD@dfking.com.
Important Information
This communication is being sent in our individual capacity, and not on or behalf of Aerojet Rocketdyne Holdings, Inc (the "Company"). No Company resources were used in connection with these materials. On June 3, 2022, Eileen P. Drake, General Kevin Chilton, USAF (Ret.), General Lance Lord, USAF (Ret.) and Thomas Corcoran (the "Incumbent Directors") filed a definitive solicitation statement with the Securities and Exchange Commission (the "SEC") in connection with the solicitation of agent designations to call a special meeting of stockholders of the Company (the "Solicitation Statement").
STOCKHOLDERS ARE STRONGLY ADVISED TO READ THE SOLICITATION STATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION. Stockholders may obtain a free copy of the Solicitation Statement, any amendments or supplements to the Solicitation Statement and other documents that the Incumbent Directors file with the SEC from the SEC's website at www.sec.gov. The Incumbent Directors, together with Gail Baker, Marion Blakey, Charles Bolden and Deborah Lee James, may be deemed participants in the solicitation of agent designations from stockholders. Information about the participants is set forth in the Solicitation Statement, which is available for free at the SEC's website at www.sec.gov.
Contact:
D.F. King & Co., Inc.
Edward T. McCarthy / Tom Germinario
AJRD@dfking.com
View original content:SOURCE Committee for Aerojet Rocketdyne Shareholders and Value Maximization
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