GenCorp CEO to head Aerojet Rocketdyne after Boley departure

Fri Feb 13, 2015 7:59pm EST
 
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By Andrea Shalal

WASHINGTON (Reuters) - GenCorp Inc GY.N Chief Executive Officer Scott Seymour on Friday took over as head of the company's Aerojet Rocketdyne unit after the abrupt departure of its president, Warren Boley.

Boley's departure was effective immediately, said GenCorp spokesman Glenn Mahone. He said Seymour would remain chief executive and president of the parent company, which makes equipment for the aerospace and defense sector.

Seymour announced the news in a statement to employees on Friday, telling them he remained confident in the company's ability to deliver results for customers, shareholders and employees.

Sources familiar with the company said Boley and Seymour disagreed about the company's future.

"It was time for a change. There had been differences about the company's direction," said one source who was not authorized to speak publicly.

Boley declined comment on the reason for his departure, but said he was upbeat about the company's prospects. "Great company, great portfolio, great future," he told Reuters.

Boley said he was weighing future opportunities, including his role leading a family manufacturing business in Illinois that builds heavy equipment for the oil, gas and mining sectors.

Boley's sudden departure from Aerojet Rocketdyne comes at an uncertain time in the rocket-launch business and growing concern about the use of Russian-built rocket engines to power the rockets that lift U.S. satellites into space.   Continued...