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Aerojet Chairman Wins Legal Fight With CEO in Funding Spat Over Proxy Campaign

  • Delaware judge rules moves by CEO Drake were ‘unauthorized’
  • Lichtenstein seeks to oust CEO after failed Lockheed deal
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Aerojet Rocketdyne Holdings Inc. Chief Executive Officer Eileen Drake violated a court order by using company resources to back her slate of director candidates in a bitter proxy fight with the US rocket-engine maker’s board chairman, a judge ruled.

Delaware Chancery Court Judge Lori Will issued her ruling Thursday in a lawsuit filed by Aerojet Chairman Warren Lichtenstein. Will had previously banned Lichtenstein and Drake from using Aerojet resources to help their candidates vie for board seats in the runup to a June 30 investor vote.