Chancery Nixes Aerojet CEO's Bid For Neutral Counsel

By Sarah Jarvis (June 27, 2022, 8:27 PM EDT) -- Aerojet Rocketdyne Holdings Inc.'s board chairman will preside over an upcoming meeting where shareholders will vote for directors, the Delaware Chancery Court ruled Monday, rejecting a bid from the chair's rival, the company's CEO, for neutral counsel to conduct the meeting.

In her ruling, Delaware Vice Chancellor Lori W. Will denied CEO Eileen Drake's confidential motion to enforce a partial final judgment and order entered in the case last week. According to a letter Drake filed with the motion on June 23, attorneys for Chairman Warren G. Lichtenstein indicated they would not respond to her proposal for neutral counsel to lead...

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