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

By Reuters News

- 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

Capital Com is an execution-only service provider. The present material must be regarded as marketing communication and should not be interpreted as investment research or investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page, then you do so entirely at your own risk