Aerojet Chairman Facing Probe as He Launches Proxy Fight (1)

Aerojet Rocketdyne Holdings Inc. said it’s investigating Executive Chairman Warren Lichtenstein and accused him of launching a proxy fight in an effort to maintain his board position.

An internal probe involving Lichtenstein is being conducted under the oversight of a committee of independent directors, the company said in a statement late Tuesday. The investigation is not related to Aerojet’s operations or financial reporting, the company said without providing additional details.

Warren Lichtenstein in 2007.

Photographer: Haruyoshi Yamaguchi/Bloomberg

The disclosure came several hours after Lichtenstein’s investment firm, Steel Partners Holdings, revealed it would seek to replace several of the defense firm’s directors, including Chief Executive Officer ...