Aerojet Rocketdyne Holdings Inc

Aerojet Rocketdyne — Proxy Contest (June 2022)

9 slides from Aerojet Rocketdyne's proxy contest presentation, Jun 10, 2022

  1. Slide 1: Correcting the Many Misstatements and Fabrications in the Lichtenstein / Steel Report

    Correcting the Many Misstatements and Fabrications in the Lichtenstein / Steel Report June 10th, 2022 Important: These materials are provided by Eileen P. Drake, General Kevin Chilton, USAF (Ret.), General Lance Lord, USAF (Ret.) and Thomas Corcoran on their own behalf, and not on behalf of Aerojet

  2. Slide 2: Important Information, Forward Looking Statements and Non-GAAP Measures

    Important Information, Forward Looking Statements and Non-GAAP Measures These materials are provided by Eileen P. Drake, General Kevin Chilton, USAF (Ret.), General Lance Lord, USAF (Ret.) and Thomas Corcoran (the “Non-Steel Directors”) on their own behalf, and not on behalf of Aerojet Rocketdyne Ho

  3. Slide 3: Aerojet's Value Creation Has Been Driven Mainly by Ms. Drake, Not Mr. Lichtenstein

    Aerojet’s Value Creation Has Been Driven Mainly by Ms. Drake, Not Mr. Lichtenstein Mr. Lichtenstein’s presentation included a slide touting value creation during his tenure… When in fact… • More than two-thirds of the value generated during Mr. Lichtenstein’s tenure was created after Ms. Drake becam

  4. Slide 4: Mr. Tucker Does Not Have the Experience or Expertise to Serve as Aerojet's CEO

    Mr. Tucker Does Not Have the Experience or Expertise to Serve as Aerojet’s CEO Mr. Lichtenstein’s presentation included a slide touting Mr. Tucker as a great CEO candidate… When in fact… • Mr. Tucker spent the last 2 years since leaving Aerojet Rocketdyne as a consultant to a Steel Partners affiliat

  5. Slide 5: After Serving on the Board for Years, Mr. Lichtenstein Now Has a "Plan"

    After Serving on the Board for 16 Years, Mr. Lichtenstein Now Has a “Plan” for Aerojet Rocketdyne Mr. Lichtenstein’s presentation included a slide touting his “plan” to create value… When in fact… • Mr. Lichtenstein has never presented a strategic plan to the Board during his time as a director, and

  6. Slide 6: Mr. Lichtenstein's Stewardship of the Company's Pension Fund Has Been Disastrous

    Mr. Lichtenstein’s Stewardship of the Company’s Pension Fund Has Been Disastrous Mr. Lichtenstein’s presentation attempts to blame Ms. Drake for deterioration in the pension… When in fact… • Since Mr. Lichtenstein began overseeing the Company’s pension fund in 2008 on the Benefits Management Committ

  7. Slide 7: In His Presentation, Mr. Lichtenstein Confirms That He Does Not Understand AJRD's Business

    In His Presentation, Mr. Lichtenstein Confirms That He Does Not Understand AJRD’s Business Why are they using a picture of a Russian rocket? Do Mr. Lichtenstein and Mr. Tucker want to “save Aerojet” with Russian rockets rather than Aerojet Rocketdyne products? Should someone that out of touch with t

  8. Slide 8: Mr. Lichtenstein's Slate Consists of Selected "Friends" Who Lack Relevant Experience and/or Independence

    Mr. Lichtenstein’s Slate Consists of Selected “Friends” Who Lack Relevant Experience and/or Independence • No prior experience serving on a public company board • No prior CEO experience and since 2020 has been a paid consultant for Steel Partners • Lacks any relevant A&D sector experience or public

  9. Slide 9: Mr. Lichtenstein Attempts to Criticize Ms. Drake's Leadership, But Credible Third Parties Take the Opposite View

    Mr. Lichtenstein Attempts to Criticize Ms. Drake’s Leadership, But Credible Third Parties Take the Opposite View • “Eileen Drake and the AJRD management team have delivered an incredible corporate turnaround since they were installed by the Chairman who is currently saying they did a terrible job. T

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