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

Editors Pick
PayPal has agreed to buy Xoom, a digital money transfer provider, for $890 million in cash. Following the announcement, Xoom shares jumped 22 percent in after-hours trade on the Nasdaq. Discount retailer Family Dollar Stores Inc., which is being acquired by rival Dollar Tree Inc., said Wednesday after the markets closed that its third quarter profit fell slightly from last year, due mainly to a higher effective tax rate. The company's quarterly earnings per share, excluding items, also came in below analysts' expectations. Most of the major automakers, except General Motors Co. (GM), Wednesday reported improved sales results for June, as strong sales of trucks and SUVs continued to help offset weak car sales. Nonetheless, GM's June U.S. sales dropped 3 percent to 259,353 units from 267,461 units last year. The drop...
comments powered by Disqus
RELATED NEWS
Trade WYNN now with 
Follow RTT