Aerojet Rocketdyne Executive Chairman Warren Lichtenstein Supports Pre-Release of Company Results Ahead of Critical Vote at Special Meeting
June 16, 2022 at 17:40 PM EDT
Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD) (“Aerojet Rocketdyne” or the “Company”) Executive Chairman Warren Lichtenstein, who collectively with his affiliates and the participants in his solicitation owns approximately 5.6% of the Company's outstanding shares, today issued the below statement ahead of a special meeting of shareholders (the “Special Meeting”) scheduled to be held on June 30, 2022. As a reminder, Mr. Lichtenstein is seeking support on the GREEN Proxy Card to elect his recently refreshed slate of highly qualified candidates to the Company’s Board of Directors (the “Board”). Learn more about the slate and its plan for enhanced value creation by visiting www.SaveAerojet.com.
Mr. Lichtenstein commented:
“Given that Aerojet Rocketdyne’s future hangs in the balance at the June 30th Special Meeting, the Company’s shareholders should be promptly provided as much information as possible to inform their voting decisions. This is why I support pre-releasing preliminary results for the first five months of this fiscal year, including revenue, earnings and cash flow, and doing so in a manner that compares these metrics to management’s plans. Three other members of the Company’s eight-member Board support this action as well.
Shareholders deserve to know whether the financial and operational deterioration that has set in since December 2020, when the Lockheed Martin Corporation deal was announced and Mark Tucker stepped down as COO, has worsened over the past five and a half months as CEO Eileen Drake leveraged the boardroom gridlock she had facilitated to operate the Company with even greater impunity. Shareholders should recall that, in addition to publicly conveyed customer complaints and employee issues, Aerojet Rocketdyne saw its program performance drop off and actual free cash flow plummet nearly 80% in 2021.1 This occurred during a period when Ms. Drake had already sidelined me and restricted my access to information by initiating an internal investigation into my attempted contingency planning efforts that ultimately found I did not violate my fiduciary duty, the Company’s Code of Conduct, or any law or Company policy, and did not engage in any harassment.
I firmly believe shareholders should be urging Ms. Drake to align with me on wanting to provide maximum transparency ahead of the Special Meeting. The fact is Ms. Drake should have no issue supporting a pre-release of results if she has been honest with shareholders about the state of the business.”
Mr. Lichtenstein and new CEO candidate Mark Tucker have issued a detailed presentation that diagnoses Aerojet Rocketdyne’s vulnerabilities and outlines a fix-and-repair plan that targets at least $65 per share within three years: https://saveaerojet.com/wp-content/uploads/2022/06/Investor-Presentation.pdf.
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