Largest shareholder calls for
director to be removed
Symphony of bad news continues
By Josh Resnek
Just as it appeared Wynn Resorts was making positive changes to the company’s culture by adding three prominent women to its Board of Directors, its largest shareholder demanded that one of the directors conducting the company’s internal investigation to be immediately fired.
Elaine Wynn, co-founder and biggest shareholder of casino operator Wynn Resorts Monday urged shareholders to join her in withholding votes from director candidate John Hagenbuch at the company’s annual meeting scheduled for May 16, she wrote in an open letter.
She questioned the lack of oversight and independence demonstrated by the current board.
She argued that the company needed to reform the company’s governance.
“This is the same board that announced only two months ago, with a “collective heavy heart”, the “resignation of our founder, CEO and friend, Steve Wynn,” she wrote, referring to her ex-husband who was ousted after revelations in the Wall Street Journal of yearslong sexual abuse of employees.
“Several longstanding legacy directors still wield significant influence at the company,” she wrote.
“This is especially true of Mr. Hagenbuch, who serves on the special committee which is responsible for the company’s executive compensation practices that proxy advisory firms have viewed as highly problematic.”