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Chairman Faces Off With CEO in Aerojet Court Fight

  • Feud emerged after $4.4 billion takeover by Lockheed scuttled
  • Board split over who will control US hypersonic rocket maker
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The nasty boardroom battle for control of Aerojet Rocketdyne Holdings Inc. is about to move into the courtroom as a corporate raider faces off with the company’s chief executive officer over the fate of the last US rocket-engine maker.

A trial that starts Monday in Delaware Chancery Court is the result of a bitter proxy fight between Chief Executive Officer Eileen Drake, a retired US Army captain who flew Huey helicopters, and Aerojet’s executive chairman, Warren Lichtenstein, the founder of activist investor Steel Partners Holdings Inc.