Engaged Capital sends letter to AeroVironment board

Engaged Capital, the owner of approximately 5.1% of the common stock of AeroVironment, sent a letter to the company's board, expressing its disappointment with the board’s unwillingness to enter into a constructive process, seriously consider its highly qualified independent director nominee, and its failure to provide proper governance and protections for the rights of its shareholders. Engaged believes that the company lacks a sense of urgency to capitalize on the company’s market position, nor explore alternatives that could change the trajectory of its public market valuation. Engaged believes that recent events and information disclosed in the letter reveals a board that elevates self-interest over its fiduciary duty to shareholders.