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Business/Financial

Aerojet Rocketdyne Chief Says Dissident Chairman Openly Explored New CEO, Approached Leidos For Deal

By Cal Biesecker

Monday, May 16th, 2022

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Aerojet Rocketdyne Chief Says Dissident Chairman Openly Explored New CEO, Approached Leidos For Deal

Aerojet Rocketdyne President and CEO Eileen Drake. Photo: Aerojet Rocketdyne.

Warren Lichtenstein, the executive chairman of Aerojet Rocketdyne [AJRD] whose investment firm Steel Partners [SPLP] owns a minority share of the company’s stock and controls four of its eight board seats, was actively seeking to replace Aerojet CEO Eileen Drake with himself or his handpicked choice and even reached out to Roger Krone, chairman and CEO of Leidos [LDOS], to purchase the company while Lockheed Martin [LMT] already had an agreement to acquire Aerojet, Drake charged last September. Drake’s letter…

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