Whitbread Shareholders Reject Corvex Director Nominee
Whitbread shareholders voted against a demand by major investor Corvex Management to appoint James Gemmel to the board. The company will now continue focusing on its five-year turnaround plan.
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Shareholders of WHITBREAD PLC voted 83.41% against a demand from United States activist investor Corvex Management to appoint its nominee to the board on Monday morning. The vote dealt a setback to the hedge fund's campaign to shake up leadership at the United Kingdom-based hotel operator. The rejection validates management's ongoing turnaround strategy as the company navigates restaurant closures and job cuts.
