New Board of Directors Elected by Aerojet Rocketdyne Shareholders
Aerojet Rocketdyne shareholders elected a new board of directors during a special meeting late last month.
“Each of our new directors is an accomplished business leader with relevant experience and a history of creating substantial shareholder value.”
Eileen P. Drake, CEO and president.
Based on the certification of the independent inspector of elections, the new board of directors consists of CEO Eileen P. Drake; incumbent independent directors Gen. Kevin Chilton (USAF, Ret.), Thomas Corcoran and Gen. Lance Lord (USAF, Ret.); and new independent directors Gail Baker, Marion Blakey, Maj. Gen. Charles Bolden (USMC, Ret.) and Deborah James.
“We are extremely grateful for the engagement and support of our shareholders throughout the process that culminated in the election of our new board,” said Eileen P. Drake, CEO and president. “Each of our new directors is an accomplished business leader with relevant experience and a history of creating substantial shareholder value.”
Aerojet Rocketdyne serves a diversified portfolio of programs and markets across high-priority areas of the defense and space sector. The Company’s large, multi-year awards – including propulsion for the Air Force’s new Sentinel intercontinental ballistic missile system (LGM-35A), Terminal High Altitude Area Defense (“THAAD”), Standard Missile, NASA Space Launch System and the Orion spacecraft – have driven growth and created a backlog that stands at $6.4 billion as of March 31, 2022. These programs provide long-term visibility into revenue growth, with $2.4 billion of backlog expected to convert to sales over the next twelve months, our highest outlook ever. The Company’s differentiated capabilities position it to deliver robust, consistent cash flow.
Aerojet Rocketdyne’s leading capabilities in these important areas position the Company very well for sustained shareholder value creation.
“Throughout this process, the members of our new board of directors have had the privilege of speaking directly with our shareholders to discuss Aerojet Rocketdyne's strategy and performance,” said Drake. “We would like to thank our shareholders for their perspectives and feedback and we welcome the opportunity for continued shareholder engagement as we implement a value creation strategy that will strengthen our Company, increase value for shareholders and provide affordable, highly reliable and innovative products for America’s national security and space programs,” Drake said.
Additional information regarding the results of the 2022 Special Meeting is available in the Form 8-K that was filed by Aerojet Rocketdyne with the Securities and Exchange Commission and on the Company's investor website.
(Source: Aerojet Rocketdyne news release)