Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD) announced today that
a new board of directors was elected at a special meeting of
shareholders held on June 30, 2022.
Based on the certification of the independent inspector of
elections, the new board 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,” added Drake.
Aerojet Rocketdyne plays a vital role in the national and
economic security of the United States by providing proven
capabilities and next generation solutions for critical national
defense and space exploration priorities. Our business is poised to
deliver significant value creation for shareholders in the near and
long term.
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,” concluded Drake.
Additional information regarding the results of the 2022 Special
Meeting is available in the Form 8-K that was filed today by
Aerojet Rocketdyne with the Securities and Exchange Commission and
on the Company's investor website.
Biographies of Aerojet Rocketdyne’s New Board of
Directors
Gail BakerMs. Baker served as the President, Aftermarket
services for Collins Aerospace from 2019 until her retirement in
2020. In this role, she led the $11 billion worldwide commercial
and military aftermarket business and customer service
organizations, and her responsibilities included customer-tailored
solutions, long-term aftermarket programs, spares planning and
delivery, asset management, technical and strategic planning and
management of 14 global maintenance, repair and overhaul
facilities. From 2017 to 2019, Ms. Baker served as the President,
Intelligence, Surveillance, Reconnaissance and Space at Collins
Aerospace. From 2015 to 2017, she served as the President, Air
Management Systems, European Entities and Aftermarket for UTC
Aerospace Systems, a predecessor of Collins Aerospace. From 2011 to
2015, she also served as the President, Aerospace Customers and
Business Development for UTC Aerospace Systems.
Ms. Baker currently serves as a director on the board of
Leonardo DRS, serving on the Compensation Committee as well as the
Board of Advisors of Capewell Aerial Systems.
Marion C. BlakeyMs. Blakey served as President and CEO of
Rolls-Royce North America Inc. (RRNA) until 2018. Prior to joining
Rolls-Royce, Blakey was President and CEO of the Aerospace
Industries Association (AIA) for eight years where she provided the
leading voice for the aerospace and defense industry representing
more than 270 member companies.
From 2002 to 2007, Blakey was Administrator of the Federal
Aviation Administration (FAA) where she operated the world’s
largest air traffic control system and managed 44,000 employees and
a $14 billion budget. Prior to 2002, she held several senior
positions, including Chairman of the National Transportation Safety
Board (NTSB) and Administrator of the U.S. Department of
Transportation’s National Highway Traffic Safety Administration
(NHTSA), as well as ran her own consulting firm focusing on
transportation and infrastructure issues.
Ms. Blakey currently serves as a director on the boards of Sun
Country Airlines, New Vista Acquisition Corporation and Eve
Holding, Inc., and was previously a director at Alaska Air Group
and Cobham PLC.
Maj. Gen. Charles F. Bolden Jr., USMC (Ret.)Maj. Gen. Bolden
(Ret.) was the Administrator of the National Aeronautics and Space
Administration (NASA) from July 2009 until January 2017. Bolden’s
34-year career with the Marine Corps included 14 years as a member
of NASA’s Astronaut Office. After joining the office in 1980, he
traveled into orbit four times aboard the space shuttle between
1986 and 1994, commanding two of the missions and piloting two
others. Today, in addition to his numerous professional
affiliations, Maj. Gen. Bolden serves as the Founder and CEO
Emeritus of The Charles F. Bolden Group, providing leadership in
the areas of Space/Aerospace Exploration, National Security,
STEM+AD Education and Health Initiatives.
Maj. Gen. Bolden currently serves as a director on the boards of
Atlas Air Worldwide Holdings, Ligado Networks LLC and Blue Cross
Blue Shield of South Carolina, and was previously a director at
Bristow Group, LORD Corp, Marathon Oil and GenCorp.
General Kevin P. Chilton, USAF (Ret.)Gen. Chilton (Ret.) has
served as a member of the Aerojet Rocketdyne Board of Directors
since 2018. Gen. Chilton has served as President of Chilton &
Associates LLC, an aerospace, cyber and nuclear consulting company,
since 2011, when he retired from the U.S. Air Force after over 34
years of service completing his career as the Commander, U.S.
Strategic Command, where he was responsible for the plans and
operations for all U.S. forces conducting strategic nuclear
deterrence, space and cyberspace operations.
From 2006 to 2007, Gen. Chilton served as Commander of Air Force
Space Command, where he was responsible for all Air Force space and
nuclear ICBM programs. From 1998 to 2006, Gen. Chilton held a
number of positions in the Department of Defense, including:
Commander of the 9th Reconnaissance Wing; Commander of the 8th Air
Force; Deputy Director of Politico-Military Affairs, Asia-Pacific
and Middle East; Deputy Director of Programs; and acting Assistant
Vice Chief of Staff of the Air Force. From 1987 to 1998, he served
as a National Aeronautics and Space Administration (NASA)
Astronaut, participating in three space shuttle flights and as
Deputy Program Manager for Operations for the International Space
Station Program.
Gen. Chilton also serves as a director on the board of Lumen
Technologies, serving as Chair of the Risk & Security
Committee.
Thomas A. CorcoranMr. Corcoran has served as a member of the
Aerojet Rocketdyne Board of Directors since 2008. Mr. Corcoran has
been President of Corcoran Enterprises, LLC, a management
consulting company, since 2001. He also served as Senior Advisor of
The Carlyle Group, a private investment firm, from 2001 to 2017.
Mr. Corcoran has held a number of senior executive positions,
including President and CEO of Gemini Air Cargo, Inc. (a Carlyle
Group company) from 2001 to 2004; President and CEO of Allegheny
Teledyne Incorporated from 1999 through 2000; and President and COO
of Lockheed Martin Corporation’s Electronic Systems and Space &
Strategic Missiles sectors from 1993 to 1999. Mr. Corcoran was
also elected a corporate officer and rose to the number two
position in G.E. Aerospace as Vice President and General Manager of
G.E. Aerospace Operations in 1990, after beginning his career with
General Electric Company in 1967.
He has been a director of numerous public and private companies.
Mr. Corcoran currently serves as a director on the board of
L3Harris Technologies, Inc., serving on the Audit and Finance
Committees. He is also a trustee at his alma mater Stevens
Institute of Technology.
Eileen P. DrakeMs. Drake has served as CEO and President of the
Company and as a member of the board of directors since June 2015.
Immediately prior to these roles, she served as the Company’s COO
from March 2015 to June 2015.
Before joining the Company, Ms. Drake held several senior
positions with United Technologies Corporation (UTC), a
multinational manufacturing conglomerate, from 2003 to 2015,
including President of Pratt & Whitney AeroPower’s auxiliary
power unit and small turbojet propulsion business from 2012 to
2015. From 1996 to 2003, Ms. Drake managed production operations at
both the Ford Motor Company and Visteon Corporation where she was
Ford’s product line manager for steering systems and plant manager
of Visteon’s fuel system operation. Ms. Drake also served on active
duty for seven years as a U.S. Army aviator and airfield commander
of Davison Army Airfield in Fort Belvoir, Virginia.
Ms. Drake also serves as a director on the board of Woodward,
Inc., serving as Chair of the Nominating and Governance Committee
and on the Compensation Committee.
Deborah Lee JamesMs. James served as the 23rd Secretary of the
United States Air Force, a position she held from December 2013 to
January 2017. Prior to her role as Secretary of the Air Force, Ms.
James held various executive positions during a 12-year tenure at
Science Applications International Corporation (SAIC), most
recently serving as Sector President, Technical and Engineering of
the Government Solutions Group. SAIC is a provider of services and
solutions in the areas of defense, health, energy, infrastructure,
intelligence, surveillance, reconnaissance and cybersecurity to
agencies of the U.S. Department of Defense (DoD), the intelligence
community, the U.S. Department of Homeland Security, foreign
governments and other customers. Earlier in her career, Ms. James
served as Professional Staff Member for the House Armed Services
Committee and as the DoD Assistant Secretary of Defense for Reserve
Affairs.
Ms. James serves as a director on the boards of Textron Inc. and
Unisys Corporation.
General Lance W. Lord, USAF (Ret.)Gen. Lord (Ret.) has served as
a member of the Aerojet Rocketdyne Board of Directors since 2015.
Since retiring from the U.S. Air Force in 2006 after 37 years of
military service, Gen. Lord has been a Senior Associate of The Four
Star Group, LLC, a private aerospace and defense advisory and
consulting group, since 2008. In 2010, Gen. Lord founded L2
Aerospace, LLC (now known as OmniTeq, LLC), an innovative company
to shape and influence the business competition in the dynamic and
emerging commercial, civil and defense aerospace markets. Gen. Lord
is the Chairman of the Board of Frequency Electronics, Inc., a
member of the board of Boneal Aerospace, advisor to Iridium
Communications and General Dynamics Space and Intelligence
Systems.
While in the military, Gen. Lord held a number of significant
posts, including Commander, Air Force Space Command, from 2002 to
2006, during which time he was responsible for the development,
acquisition and operation of Air Force space and missile weapon
systems. In that position, he led more than 39,700 personnel who
provided space and intercontinental ballistic missile combat
capabilities to the North American Aerospace Defense Command and
U.S. Strategic Command. Gen. Lord also received several prestigious
military decorations in his career, including the Distinguished
Service Medal and Legion of Merit. He is also the 2014 recipient of
the American Astronautical Society’s Military Astronautics
Award.
Gen. Lord also serves as a director on the board of Frequency
Electronics Corporation, serving on the Audit and Nomination and
Governance Committees.
Forward-Looking StatementsThis release contains
certain “forward-looking statements” within the meaning of the
United States Private Securities Litigation Reform Act of 1995,
including statements regarding the new board’s plans and
expectations with respect to shareholder value. Such statements in
this release are based on management and the board’s current
expectations and are subject to risks, uncertainty and changes in
circumstances, which could cause actual results, performance or
achievements to differ materially from anticipated results,
performance or achievements. All statements contained herein that
are not clearly historical in nature are forward-looking and the
words “believe,” “could,” “expect,” and similar expressions are
generally intended to identify forward-looking statements. A
variety of factors could cause actual results or outcomes to differ
materially from those expected and expressed in Aerojet
Rocketdyne’s forward-looking statements.
About Aerojet Rocketdyne Holdings, Inc.Aerojet
Rocketdyne Holdings, Inc., headquartered in El Segundo, California,
is an innovative technology-based manufacturer of aerospace and
defense products and systems, with a real estate segment that
includes activities related to the entitlement, sale, and leasing
of the Company’s excess real estate assets. More information can be
obtained by visiting the Company’s websites at www.rocket.com or
www.aerojetrocketdyne.com.
Contact information:Investors: Kelly Anderson, investor
relations 310-252-8155Media: Steve Warren, vice president,
communications 703-650-0278
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