LOCKHEED MARTIN CORPORATION

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Delayed Nyse  -  04:05 2022-08-16 pm EDT
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ISS recommends Aerojet investors back CEO in bitter proxy contest

06/17/2022 | 08:46pm EDT

BOSTON (Reuters) -Prominent proxy advisory firm Institutional Shareholder Services (ISS) on Friday backed Aerojet Rocketdyne Holdings Inc CEO's eight-person board of directors slate, dealing a blow to the U.S. rocket maker's executive chairman, who also wants control of the board.

Chief Executive Eileen Drake and Warren Lichtenstein, the executive chairman, each proposed eight director candidates to sit on the board.

Investors will vote on director candidates on June 30.

"While a board free from the direct influence of Lichtenstein is preferable, either slate would be better than the status quo," ISS wrote.

But ISS feels Lichtenstein should lose his seat. "There may be a role for (him) at AJRD - that role is just not as a board member at this point in time."

The standoff between Drake and Lichtenstein, whose Steel Partners and affiliates own more than 5% of the company, escalated since the collapse of a planned sale of Aerojet to Lockheed Martin Corp, the company's biggest customer.

The ISS report came a day after a Delaware Chancery Court judge ruled that Drake violated a court order by using company resources to back her slate of candidates.

A spokesman for Lichtenstein on Friday repeated his Thursday statement questioning how shareholders can trust Drake after the judge rule she "misused corporate resources in pursuit of board control."

A representative for Drake did not immediately respond to a request for comment.

Drake offered to settle and resign in return for a $48 million package, nearly double the $25 million she would currently receive if there was a change of control.

Lichtenstein argued that operational improvements and changes to capital allocation are needed to help push up the share price and attract new buyers. He wants to bring back Mark Tucker, a former Aerojet chief operating officer, as CEO. ISS wrote, "There is still insufficient evidence to conclude that Drake necessarily must be replaced."

(Reporting by Svea Herbst-Bayliss; Editing by Leslie Adler)

By Svea Herbst-Bayliss


© Reuters 2022
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Financials (USD)
Sales 2022 65 367 M - -
Net income 2022 5 804 M - -
Net Debt 2022 8 671 M - -
P/E ratio 2022 20,3x
Yield 2022 2,56%
Capitalization 117 B 117 B -
EV / Sales 2022 1,92x
EV / Sales 2023 1,87x
Nbr of Employees 114 000
Free-Float 99,9%
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Number of Analysts 17
Last Close Price 440,16 $
Average target price 463,06 $
Spread / Average Target 5,20%
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Managers and Directors
James D. Taiclet Chairman, President & Chief Executive Officer
Jesus Malave Chief Financial Officer
Rodney A. Makoske SVP, Chief Engineering, Technology & Operations
Yvonne O. Hodge Chief Information Officer & Senior Vice President
Frank A. St. John Chief Operating Officer
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