Aerojet Rocketdyne reprimands its executive chairman for trying to oust CEO
During the failed effort of Lockheed Martin to buy Aerojet Rocketdyne late last year, it appears Aerojet’s executive chairman, Warren Lichtenstein, made improper public and private attempts to enlist others to replace the company’s CEO, Eileen Drake, even though the board had not authorized a search for a new CEO and had in fact issued a memo telling Lichtenstein not to look for one.
Yesterday a formal investigation [pdf] came to that conclusion, and reprimanded Lichtenstein for those actions.
Mr. Lichtenstein acted improperly in taking those actions, including by failing to follow the directives given to him in the Guidance Memo. This memorandum is a formal reprimand for that conduct, and a
mandate to Mr. Lichtenstein that he comply with the Company’s Code of Conduct and make no statements or communications to persons external to the Company concerning the Company’s CEO, any search for a new CEO, management tenure or succession generally, or the strategic direction of the Company, unless (i) specifically pre-approved by the Board, (ii) the statements or communications are made to stockholders as part of his efforts concerning the election of directors at the next annual meeting, or (iii) the statements or communications are made as part of his efforts seeking suitable persons to serve as CEO of the Company in the event his nominees are elected.
While most of this is typical corporate office politics, it does reflect badly on the management at Aerojet Rocketdyne. It appears the board is not working together well. For example, Lichtenstein claimed he had these discussions because he was concerned the merger — which he supported — would fail, and wanted to take actions to address those concerns. Apparently the board did not. Another example is the fight with Boeing over the valve problems in Starliner.
Since the merger failed, this rocket engine company is now on its own again. Though for awhile it seemed to be struggling, the recent deal with ULA for 116 engines appears to have put it on its feet again.
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During the failed effort of Lockheed Martin to buy Aerojet Rocketdyne late last year, it appears Aerojet’s executive chairman, Warren Lichtenstein, made improper public and private attempts to enlist others to replace the company’s CEO, Eileen Drake, even though the board had not authorized a search for a new CEO and had in fact issued a memo telling Lichtenstein not to look for one.
Yesterday a formal investigation [pdf] came to that conclusion, and reprimanded Lichtenstein for those actions.
Mr. Lichtenstein acted improperly in taking those actions, including by failing to follow the directives given to him in the Guidance Memo. This memorandum is a formal reprimand for that conduct, and a
mandate to Mr. Lichtenstein that he comply with the Company’s Code of Conduct and make no statements or communications to persons external to the Company concerning the Company’s CEO, any search for a new CEO, management tenure or succession generally, or the strategic direction of the Company, unless (i) specifically pre-approved by the Board, (ii) the statements or communications are made to stockholders as part of his efforts concerning the election of directors at the next annual meeting, or (iii) the statements or communications are made as part of his efforts seeking suitable persons to serve as CEO of the Company in the event his nominees are elected.
While most of this is typical corporate office politics, it does reflect badly on the management at Aerojet Rocketdyne. It appears the board is not working together well. For example, Lichtenstein claimed he had these discussions because he was concerned the merger — which he supported — would fail, and wanted to take actions to address those concerns. Apparently the board did not. Another example is the fight with Boeing over the valve problems in Starliner.
Since the merger failed, this rocket engine company is now on its own again. Though for awhile it seemed to be struggling, the recent deal with ULA for 116 engines appears to have put it on its feet again.
The support of my readers through the years has given me the freedom and ability to analyze objectively the ongoing renaissance in space, as well as the cultural changes -- for good or ill -- that are happening across America. Four years ago, just before the 2020 election I wrote that Joe Biden's mental health was suspect. Only in the past two weeks has the mainstream media decided to recognize that basic fact.
Fourteen years ago I wrote that SLS and Orion were a bad ideas, a waste of money, would be years behind schedule, and better replaced by commercial private enterprise. Even today NASA and Congress refuses to recognize this reality.
In 2020 when the world panicked over COVID I wrote that the panic was unnecessary, that the virus was apparently simply a variation of the flu, that masks were not simply pointless but if worn incorrectly were a health threat, that the lockdowns were a disaster and did nothing to stop the spread of COVID. Only in the past year have some of our so-called experts in the health field have begun to recognize these facts.
Your help allows me to do this kind of intelligent analysis. I take no advertising or sponsors, so my reporting isn't influenced by donations by established space or drug companies. Instead, I rely entirely on donations and subscriptions from my readers, which gives me the freedom to write what I think, unencumbered by outside influences.
Please consider supporting my work here at Behind the Black.
You can support me either by giving a one-time contribution or a regular subscription. There are five ways of doing so:
1. Zelle: This is the only internet method that charges no fees. All you have to do is use the Zelle link at your internet bank and give my name and email address (zimmerman at nasw dot org). What you donate is what I get.
2. Patreon: Go to my website there and pick one of five monthly subscription amounts, or by making a one-time donation.
3. A Paypal Donation:
5. Donate by check, payable to Robert Zimmerman and mailed to
Behind The Black
c/o Robert Zimmerman
P.O.Box 1262
Cortaro, AZ 85652
You can also support me by buying one of my books, as noted in the boxes interspersed throughout the webpage or shown in the menu above. And if you buy the books through the ebookit links, I get a larger cut and I get it sooner.
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