Whitbread shareholders reject Corvex's partner appointment to board

Whitbread PLC on Monday said its shareholders rejected a resolution from activist investor Corvex Management LP to appoint James Gemmel as a director on the board.

The Dunstable, England-based operator of Premier Inn and other hospitality chains said 83% of shareholders voted against Corvex's proposal. Excluding Corvex's own shares, 91% of shareholders rejected the resolution, backing the board's recommended strategy instead.

Back in September, New York-based Corvex requisitioned a general meeting to elect its partner James Gemmel to the Whitbread board. Corvex maintained that Whitbread shares underperformed its peers and the wider market over multiple time horizons. It claimed Whitbread's strategy review failed to address the company's underlying challenges and was poorly received by the market.

Whitbread ⁠urged shareholders to reject Corvex's proposal, arguing it could jeopardise its five-year plan, which focuses on job cuts and closures of branded restaurants.

On Monday, Whitbread Chair Christine Hodgson said: "The overwhelming majority of our shareholders have voted decisively to back the board and our strategy, and I would like to thank them for their support."

Hodgson added: "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. With this plan, we are on course to deliver a step change in margins, cash flows and returns."

Whitbread shares closed down 2.3% to 2,763.00 pence on Monday in London.

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