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Bloomberg
Aerojet Rocketdyne Holdings Inc Chief Executive Officer (CEO) Eileen Drake has received backing from the Institutional Shareholder Services (ISS) for her slate of candidates battling for board seats in a proxy fight with the US rocket-engine maker’s chairman.
In a shareholder letter, Drake and three other independent directors said the ISS, a provider of proxy research and vote recommendations to the investment community, has recommended that Aerojet shareholders vote for all of Drake’s director nominees at a meeting on June 30.
The recommendation marks a win for Drake in her bitter proxy fight with Chairman Warren Lichtenstein over who should lead the company. The two sides have been at battle since a $4.4 billion sale to missile-maker Lockheed Martin Corp was blocked by antitrust regulators in February.
The letter came days after a judge found the CEO violated a court order by using company resources to back her choices of board candidates in the proxy fight. Still, Delaware Chancery Court Judge Lori Will refused to hold the CEO in contempt for the violation and left the decision over the board candidates to Aerojet’s shareholders.