Aerojet Rocketdyne Shareholders Elect Eileen Drake-Led Independent Slate to Board

Eight members of the independent slate led by Eileen Drake, CEO of Aerojet Rocketdyne (NYSE: AJRD), were elected to the company’s board to serve as directors during the special meeting of shareholders.

The slate, including four existing board members, received over 70 percent of the votes cast based on preliminary results and Drake secured the most support with more than 83 percent of the votes cast, her team said in a statement Thursday.

The other three existing independent directors who were named to the board were Kevin Chilton, a retired U.S. Air Force general; Thomas Corcoran, president of Corcoran Enterprises; and Lance Lord, a retired U.S. Air Force general.

The four new independent directors elected to the board were Charles Bolden, a retired Marine Corps major general and former NASA administrator; Deborah James, former secretary of the Air Force; Gail Baker, former division president at Collins Aerospace; and Marion Blakey, former president and CEO of Rolls-Royce North America.

Drake said he is pleased that shareholders acknowledged the value creation strategy of the independent slate.

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,” she added.

Evercore, Ballard Spahr, Paul Hastings, Gibson Dunn, King & Spalding, D.F. King and Richards Layton & Finger served as advisers during the process.

Video of the Day

GovCon Wire Logo

Sign Up Now! GovCon Wire provides you with Daily Updates and News Briefings about Executive Moves

Related Articles