The majority of Warner Bros. Discovery shareholders voted against the proposed compensation package for CEO David Zaslav for 2024, which amounted to $51 million 900 thousand. This is reported by UNN with reference to the Wall Street Journal.
Details
In a vote that was advisory in nature, more than 59% of shareholders voted against the proposed compensation. This indicates growing investor dissatisfaction, especially given that the company's shares have fallen by approximately 59% since the merger of WarnerMedia and Discovery in 2022.
In response to the voting results, the company's board of directors stated that it "takes the results of the annual advisory vote on executive compensation seriously" and that its compensation committee "will continue the regular practice of constructive dialogue with our shareholders."
Additionally
Zaslav's compensation package included a 4% increase compared to the previous year. However, despite efforts to restructure and reduce the company's debt, investors remain concerned about the financial performance and strategic direction of Warner Bros. Discovery.
Recall
As UNN reported, in 2024 Warner Bros. Discovery suffered multi-billion dollar losses. The company found that its TV channels cost $9 billion 100 million less due to the drop in the value of cable TV. The company reported lower-than-expected sales in the second quarter of 2024.