Whitbread Rejects Corvex Board Seat
Premier Inn owner Whitbread defended its five-year turnaround strategy and urged shareholders to vote against activist investor Corvex Management. The company reported strong profit results alongside rising UK and German sales.
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Whitbread plc defended its five-year turnaround plan on Tuesday morning, urging shareholders to vote against activist investor Corvex Management's demand for a board seat. The Premier Inn owner is steering through a restructuring involving restaurant closures and job cuts against pressure from the United States hedge fund. The proxy battle tests investor confidence in CEO Dominic Paul's pivot toward a pure-play hotel model.
