Vice Chancellor Lori Will, of the Delaware Court of Chancery. Courtesy photo. Will: Litigation Over Deadlocked Aerospace Co. Board Underscores Corporate Neutrality Requirement
Vice Chancellor Lori Will called the litigation pitting one half of Aerojet Rocketdyne Holdings' board against the other a cautionary tale for other corporations with an even number of directors. Two factions, one led by executive chairman Warren Lichtenstein and the other by president and CEO Eileen Drake, could not agree on a slate of nominees to the board.
June 17, 2022 at 02:30 PM
3 minute read
In her post-trial decision Thursday, Vice Chancellor Lori Will called the litigation pitting one half of Aerojet Rocketdyne Holdings' board against the other a cautionary tale for other corporations with an even number of directors.
In a 66-page opinion Will found one side violated the principle of corporate neutrality by using company resources to promote its board nomination slate over others without approval from a majority of the board.
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