U.S. markets open in 1 hour 31 minutes
  • S&P Futures

    4,256.75
    -24.25 (-0.57%)
     
  • Dow Futures

    33,536.00
    -182.00 (-0.54%)
     
  • Nasdaq Futures

    13,524.75
    -53.00 (-0.39%)
     
  • Russell 2000 Futures

    2,001.30
    -15.60 (-0.77%)
     
  • Crude Oil

    87.21
    -4.88 (-5.30%)
     
  • Gold

    1,789.50
    -26.00 (-1.43%)
     
  • Silver

    20.18
    -0.51 (-2.48%)
     
  • EUR/USD

    1.0199
    -0.0059 (-0.57%)
     
  • 10-Yr Bond

    2.8490
    0.0000 (0.00%)
     
  • Vix

    21.02
    +0.82 (+4.06%)
     
  • GBP/USD

    1.2086
    -0.0053 (-0.44%)
     
  • USD/JPY

    133.1600
    -0.3200 (-0.24%)
     
  • BTC-USD

    24,074.40
    -505.51 (-2.06%)
     
  • CMC Crypto 200

    571.01
    -0.27 (-0.05%)
     
  • FTSE 100

    7,483.34
    -17.55 (-0.23%)
     
  • Nikkei 225

    28,871.78
    +324.80 (+1.14%)
     

Aerojet investors end proxy fight with chairman by electing CEO's slate

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

By Svea Herbst-Bayliss

BOSTON, June 30 (Reuters) - Aerojet Rocketdyne shareholders on Thursday elected the eight-person board slate headed by Chief Executive Officer Eileen Drake, the company said in a statement, ending one of the most bitterly fought proxy contests of the year.

Based on preliminary results, Drake's slate won more than 75% of the votes cast, with Drake herself winning more than 83% of the vote, the statement said. The eight-person slate nominated by Executive Chairman Warren Lichtenstein received roughly 25% of the vote.

The meeting was held earlier this morning and lasted only minutes, said people familiar with the event.

Drake and Lichtenstein, whose Steel Partners and affiliates own more than 5% of the U.S. rocket maker's stock, have been battling each other since the collapse of a planned $4.4 billion merger with Lockheed Martin Corp earlier this year.

"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," Drake said in a statement. She also thanked Lichtenstein and other departing board members for their service.

Evercore, Paul Hastings, Gibson Dunn, King & Spalding, Ballard Spahr, Richards Layton & Finger and DF King advised Drake. (Reporting by Svea Herbst-Bayliss; Editing by Josie Kao)