Whitbread investor Corvex calls for seat on board amid strategic challenges

Sept 22 (Reuters) - Corvex Management has urged Premier Inn owner Whitbread to hold a general meeting to include the activist investor's partner James Gemmel on its board, saying the firm's recent strategic review failed to address underlying challenges.

Here are some more details:

• The US-based hedge fund said on Tuesday that it is seeking a seat on the board to review strategic alternatives available to the hotel operator

• Whitbread introduced major strategic changes in April, heavily cutting back on spending and reducing its workforce, as property taxes introduced in the UK budget and the Iran war boosted costs

• Shares of Whitbread have fallen 18% since the UK budget in November 2025; they rose 1.2% in early trading

• Corvex holds about a 6.4% stake in Whitbread, making it the company's largest shareholder

• The investment firm is no longer calling for a sale, after pushing for the same in April, citing share underperformance and a gap in valuation

• "We intend to join this Board with no preconceived notions and no predetermined agenda - only a commitment to maximizing risk-adjusted value for all shareholders," Corvex said

• Corvex said the British company's share price does not reflect the value of its underlying assets

(Reporting by Simone Lobo in Bengaluru; Editing by Mrigank Dhaniwala)