Aerojet Rocketdyne Holdings, Inc. (AJRD)

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list/bullet: Deteriorating Incentive Structure Causing Misalignment With Shareholders: Management And The Board Have Little At Risk Owning Just 3.0% Of The Company; Employee Savings Plan Ownership Dropped; Incentive Prog

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fraud-exposure 90%

The slide explicitly links board members to past accounting frauds and SEC investigations to build a case against the company.

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The slide uses a 'guilt by association' tactic, linking board members to past corporate failures (Miller Energy, United Industrial, School Specialty).