Wynn Resorts board restructures adding three new directors
Wynn Resorts has announced that it will be expanding its board to 11 members to make space for three new female independent directors.
The recent settlement agreement to end litigation disputes with Wynn Resorts, Kim Sinatra and Steve Wynn saw Elaine Wynn receive $25m from her ex husband. With control of 9.28% of Wynn Resorts shares she is largest single stakeholder in the company. On 17 April she filed an SEC demanding that Wynn Resorts restructure its board.
Betsy Atkins, Dee Dee Myers and Wendy Webb have all been approved by the current board to be instated immediately following a board meeting in Las Vegas on the same day as the SEC filing.
Ms. Atkins is an author of Corporate Governance books as well as serving on the boards of Cognizant, SL Green Realty and Schneider Electric. She is also a member of the board of Volvo Cars.
Ms. Myers is Executive Vice President for Worldwide Corporate Communications and Public Affairs at Warner Bros. Entertainment as well as being the first woman to serve as White House Press Secretary during President Bill Clinton’s first term.
Webb is CEO of Kestrel Advisors and currently a director of ABM Industries as well as being on the board of 9 Spokes. She also co-chairs a non-profit organisation, Women Corporate Directors.
Wynn Resorts suggests that part of the reason behind the appointments was to increase female representation on the board which now stands at 36%.
The company has also created a new department to improve gender equality, diversity, fair treatment and female leadership. This was supported by the introduction of new employee benefits including paid parental leave.
These changes and others have been implemented by the board to stabilise the company and clean up its image following the sexual misconduct allegations of their former CEO and Founder Steve Wynn.
The Board of Directors has since completely severed all ties with Steve Wynn, settled a dispute with Universal Entertainment for $2.4bn dating back to 2012 and raised $927m selling 5.3 million shares to Galaxy Entertainment.
Boone Wayson, Chairman of the Wynn Resorts Board of Directors, said: “This is the first step in our effort to refresh the Board. We intend to add additional new directors in the coming months. The Board is committed to enhancing value for our shareholders, delivering superior experiences for customers and creating a supportive and inclusive environment for all of the Company’s employees.”
Matt Maddox, CEO of Wynn Resorts, added: “These appointments signify a turning point for us, and I look forward to working with each of our new directors as we usher in a new era at Wynn.”
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