Aerojet Rocketdyne ( NYSE: AJRD ) CEO Eileen Drake defeated Chairman Warren Lichtenstein in a proxy battle and had her entire slate elected to the board to the rocket-engine maker.
Based on preliminary results, the Independent Slate received more than 75% of votes cast on Thursday, according to a statement . Drake received the most votes of any individual director nominee, with support from greater than 83% of votes cast.
Lichtenstein, who collectively with his affiliates owns 5.5% of the AJRD's shares, has been engaged in a proxy fight with the company and the sides had been trading lawsuits against each other.
"We believe Aerojet Rocketdyne has substantial momentum and upside, and we look forward to putting this proxy fight behind us so we can continue to focus on creating value for our shareholders," Drake said in the statement.
Drake won support from her slate from proxy firm ISS as well as Glass Lewis earlier this month.
The proxy battle between the company and Lichtenstein came after the FTC filed a lawsuit in late January to block Lockheed Martin's ( LMT ) $4.4 billion purchase of Aerojet ( AJRD ). Lockheed terminated the deal in February.
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Aerojet Rocketdyne CEO Drake defeats Chairman in proxy battle