financeSkift··1 min·For: Owner, Investor, GM
Whitbread Fights Activist Board Bid as Profits Fall 9%
Premier Inn parent Whitbread is urging shareholders to reject a board nominee from activist investor Corvex Management after reporting a 9% drop in first-half profits. CEO Dominic Paul warned that the activist hedge fund's agenda would distract from execution and harm shareholder value.
Key Takeaways
- 1Whitbread's board unanimously opposes Corvex partner James Gemmel's nomination to the board.
- 2New York hedge fund Corvex holds a 6.4% stake, making it Whitbread's third-largest shareholder.
- 3The proxy battle comes as rising operational costs drove a 9% decline in first-half profit.
Source: Skift
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