The largest shareholder at Wynn Resorts and one of the co-founders of the casino operator, Elaine Wynn has recently made it one step closer to her goal of bringing major changes to the Board of Directors of the company. This Monday brought the news that Board member John J. Hagenbuch has decided to no longer pursue re-election during the annual meeting which is set to take place this Wednesday.
Over the span of the past month, Ms. Wynn has been striving to make a change in the way Wynn Resorts operates and is being perceived by the world, considering internal changes the first step of this process. The campaign he leads goes by the name of “Restore Wynn”. According to her plan the management of the casino operator had to be entirely changed since many of the people currently part of it have been aware of Wynn Resorts former CEO’s sexual misconducts.
It could be recalled that there have been allegations unearthed at the end of January which have had their negative impact on the brand and its reputation on a global scale. The new CEO of the company Matt Maddox has been actively working towards remedying the undesirable situation Wynn Resorts was put in, since investors in the brand, as well as the public, have demonstrated loss of trust in the casino developer. Ms. Wynn owns the largest stake in it at the moment which gives her the power to demand such major changes in the structure.
Significant Changes to the Board of Directors
She has been leading a battle which aims to see substantial changes in the board of directors which could have the potential to bring a breath of fresh air to the company. Now in a surprising turn of events after several weeks of denied requests of a meeting, it became known that there will be no voting for the re-election of Mr. Hagenbuch at the annual shareholder meeting on 16th May.
The second surprising decision which became known this Monday was that Robert J. Miller, who is another member of the Board of Directors has officially filed a resignation from his post. Mr. Miller is also known as former governor of the state of Nevada and he has been among the members of the international casino developer for more than 10 years now. It should be noted that he was not expecting a re-election voting for his post at this annual shareholder meeting.
He is a real estate investor coming from Ketchum, Idaho. The beginning of this month saw a conflict situation between Ms. Wynn and the board of directors as she expressed her desire to oust Mr. Hagenbuch from the company since he is associated with her ex-husband and is considered a close friend of his.
His presence on the Board of Directors was considered to have a negative impact on the way shareholders and investors. With two days left until the meeting changes are finally happening and it would be interesting to follow the next move of Wynn Resorts.