Aerojet Seeks To Oust Exec For Undermining $4.4B Deal

By Alyssa Aquino (February 11, 2022, 10:29 PM EST) -- Tensions within Aerojet Rocketdyne Holdings Inc.'s leadership erupted in Delaware's Chancery Court on Friday when Aerojet and its CEO sued to oust the executive chairman, whom Aerojet says is undermining its disputed $4.4 billion merger with Lockheed Martin Corp.

Aerojet, CEO and President Eileen P. Drake and three other board members sued the other half of the company's eight-member board, including Executive Chairman Warren Lichtenstein, who has launched a proxy war to wrest control of the company. Lichtenstein and his supporters have paralyzed the board in the meantime, which Aerojet says threatens to unravel its tie-up with Lockheed Martin as federal...

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