Bill McColl
1 min read
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Warner Bros. Discovery shareholders voted against the 2024 compensation packages for CEO David Zaslav and his executive team.
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Zaslav received $51.9 million in 2024 compensation.
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The "Say-on-Pay" proposal was non-binding, and the board said it looked forward to further discussions with investors about executive pay.
In a symbolic vote, Warner Bros. Discovery (WBD) shareholders soundly defeated the 2024 compensation packages for CEO David Zaslav and his executive team.
In the so-called "Say-on-Pay" proposal, 1.06 billion shares voted against the packages, including Zaslav's $51.9 million in total compensation, while 724.5 million shares were in favor. There were also 5.69 million shares abstentions and 307.4 million broker non-votes.
The vote was non-binding, and afterward the board released a statement to The Wall Street Journal and other outlets saying it "takes the results of the annual advisory vote on executive compensation seriously." It added its compensation committee "looks forward to continuing its regular practice of engaging in constructive dialogue with our shareholders." Investopedia has requested that statement but has yet to hear back from the company.
The media giant, which owns several cable networks, including CNN and TBS, has struggled as more customers "cut the cord" and drop their cable subscriptions. In December, the company announced a restructuring plan that included separating its TV operations from its streaming and film businesses.
Shares of Warner Bros. Discovery were 2.5% lower in recent trading. They have lost about 8% of their value this year.
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