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Board of Directors appointed Warren Lichtenstein as executive chairman of the company, formalizing his role and recognizing his ongoing contributions since being appointed Chairman of the Board in 2013.Lichtenstein has been instrumental in guiding strategic direction, capital allocation, financing, and merger & acquisition activity, including the acquisition of Pratt & Whitney Rocketdyne in 2013.
Since Aerojet Rocketdyne Holdings, Inc.’s acquisition of the Pratt & Whitney Rocketdyne business in June 2013, the Company has realized cost savings related to the integration totaling nearly $100 million.
The recent long-term debt refinancing will save an additional $20 million of annual interest expense, and today’s consolidation will result in annual cost savings of another approximately $8 million.
In addition, the Company’s Competitive Improvement Program, launched in March 2015, is on target to save an estimated $145 million annually, beginning in fiscal year 2019.
As a part of this reorganization, the Aerojet Rocketdyne Holdings, Inc.
SACRAMENTO, Calif., June 27, 2016 (Aerojet Rocketdyne PR) – Aerojet Rocketdyne, Inc., a subsidiary of Aerojet Rocketdyne Holdings, Inc.
(NYSE: AJRD), today announced a significant reorganization, consolidating the company’s six business units into two – Space and Defense.
The senior vice presidents of Space and Defense will be named at a later date and will report directly to CEO and President Eileen Drake.
In the interim, the Space organization will report to Drake, and the Defense organization will report to COO Mark Tucker.
These moves are designed to build upon Aerojet Rocketdyne’s existing presence near major customers in Huntsville such as the Missile Defense Agency, U. Aerojet Rocketdyne is an innovative company delivering solutions that create value for its customers in the aerospace and defense markets.
The company is a world-recognized aerospace and defense leader that provides propulsion and energetics to the space, missile defense and strategic systems, tactical systems and armaments areas, in support of domestic and international markets.
Additional information about Aerojet Rocketdyne can be obtained by visiting our websites at