logo
Share SHARE
FONT-SIZE Plus   Neg

Wynn Resorts Reduces Board Sizes; Asks Shareholders To Remove Okada From Board

Wynn Resorts Limited (WYNN) announced it is streamlining its Board of Directors and increasing the percentage of independent directors. The company, which had a 12-member Board including seven independent directors, has reduced the Board to nine members, including six independent directors.

Jay Hagenbuch has been appointed an independent Director and a member of the Audit Committee. Independent directors Russell Goldsmith and Allan Zeman have stepped down from the Board to devote more time to their other business commitments, and inside directors Linda Chen and Marc Schorr have stepped down from the Board to reduce the number of inside directors.

Chen and Schorr will continue to serve as executives of the Company, and they and Zeman will continue as directors of Wynn Macau, Limited. Zeman will also continue to serve as Vice Chairman of Wynn Macau, Limited.

Wynn Resorts also announced that it is calling a Special Meeting of Stockholders to vote on a proposal to remove Kazuo Okada as a director. Okada was previously deemed unsuitable by the Wynn Resorts Board after a lengthy investigation by former FBI Director Louis J. Freeh uncovered evidence of improper conduct by Okada and affiliated entities under the Foreign Corrupt Practices Act in connection with their dealings with Philippine officials.

If Okada is removed from the Wynn Resorts Board by a vote of two-thirds of the shareholders, the Board will be reduced to eight directors, including six independent directors.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Health IQ Insurance Services, a startup focused on providing life insurance for health-conscious individuals, said it has secured $34.6 million in Series C funding, led by Andreessen Horowitz. To date, the company has raised a total of $81 million in funding mostly from its existing investors. General Motors Co. is recalling nearly 49,000 trucks worldwide to fix a fuel tank issue that can increase the risk of a fire. The recall covers Chevrolet Silverado 3500 and GMC Sierra 3500 trucks from the 2011 through 2015 model years, all equipped with dual fuel tanks. Meredith Corp. is reportedly in talks for the acquisition of Time Inc, with a staunch support from billionaire brothers Charles and David Koch. Des Moines-based Meredith is the publisher of Family Circle and Better Homes and Gardens and aims to acquire the publisher of Time, People and Fortune Magazines.
comments powered by Disqus
Follow RTT