Warner Bros. Discovery shareholders voted to reject the pay packages for several of the company's executives, including CEO David Zaslav's compensation package of more than $50 million.

Atlanta

Shareholders of Warner Bros. Discovery have voted to reject the executive compensation packages, including CEO David Zaslav's nearly $52 million pay, with over 59 percent opposing the proposal. The vote, while non-binding, is notable for its strong shareholder turnout and clear message of dissatisfaction, as such votes are typically approved without issue.

The company has faced significant challenges, including a sharp decline in share price, recent debt downgrades, and the loss of major sports broadcasting rights. The board has recently added new members, possibly in response to ongoing investor concerns. Despite the vote being symbolic, it places considerable pressure on the board to address executive pay amid ongoing financial and operational headwinds.

Warner Bros. Discovery shareholders reject CEO pay

Welcome back to fast money a rare vote against a CEO pay package coming in just the last hour Warner Brothers discovery shareholders Rejecting David Zaslav's nearly 52 million dollar compensation plan with more than 59 percent voicing their opposition The vote is non-binding But WBD shares are more than 20% off their 52-week high the company facing major headwinds in its cable business and S&P Global Recently downgrading its debt to junk. We were chatting about this before the show how unusual it is to get such turnout For any kind of shareholder vote let alone such a sound rejection of a comp package, which is normally rubber-stamped I mean for the most part normal Yes, and that the only reason we're doing this is because exactly that point but look at this stock over the last couple of years I mean, it's trading nine and a half dollars now. We're at levels. We haven't seen I think since 2007 or so, so it's hard to just in my opinion that type of compensation for a performance of a company that hasn't performed It's not unlike sports. If you don't perform, you're not gonna get re-signed You're certainly not gonna make 51 and a half million dollars. It just so seemed like an extraordinary amount of money now granted It's in an industry that's really had facing headwinds But that shouldn't be the shareholders problem that they should have to pay, you know an excessive amount Can you imagine how much they would have paid him and it really worked? I can't even fathom when I hear about a Elon Musk's pay package. I think he was worth it He put out these extraordinary goals and many met them Okay, so maybe they didn't do it as they should have but then they I think he deserves that money This to me is a very different situation. Why do the shareholders come last? I don't get that, right? And it's not only just that this year's pay package It's the past years of pay package of extraordinary pay for a stock that has been lagging its peers Yeah, one thing is worth noting a couple months ago I think it was they added a few board members One of them was Anthony noto another one was Anton Levy These guys are kind of heavy hitters a little bit fossil merchant who? Works at a company called whiz that just got bought for 32 billion dollars from Google So they're beefing up the board here And I think that's something that's notable and then if you'd kind of scale back some of the compensation that is investor stuff But it could be interesting. Well, I'm speaking of sports and speaking of performance. They just lost the NBA, you know I mean this is this is a huge huge move for these guys and and you know to the extent that this was something that Was really it by the way TNT's done an incredible job On on the NBA playoffs and that's something that I think people are watching this and thinking What's gonna happen to these guys next year? Yeah, we we did note but just to underscore this it's non-binding So this vote is a symbolic gesture. So what kind of pressures the board under at this point tremendous? I would think right I don't know how those two new members would vote but you got to think your shareholders are telling you something loud and clear It would be I mean okay, ignore them I suppose but Maybe you'll have a lot, you know a big exodus You

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