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British hotel operator Whitbread's shareholders reject Corvex-backed director

By Reuters News

Nov 9 (Reuters) - Premier Inn-owner Whitbread WTB.L on Monday said its shareholders have voted against major investor Corvex Management's demand to appoint its nominee James Gemmel as a director on the UK-based hotel operator's board.

Here are more details:

  • Whitbread said 83.41% of its shareholders voted against the resolution to appoint James Gemmel to the board at its General Meeting on Monday

  • Excluding the shares voted by Corvex, 91% of votes cast were against the resolution

  • US-based Corvex has been campaigning for a seat on Whitbread's board after dropping its push for a sale, arguing that the firm's strategic review had failed to address underlying challenges

  • Whitbread had urged shareholders to reject the fund's board bid, arguing it could risk execution as the company focuses on a turnaround plan that includes job cuts and closures of branded restaurants

  • "We will now continue to focus on delivering our five-year plan, which has clear and measurable milestones to drive significant value for shareholders, and which we are already executing at pace," Chair Christine Hodgson said

  • Corvex did not immediately comment on the vote

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