Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

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

RELATED NEWS
Trade WYNN now with 
12/13/2012 6:21 PM ET

Wynn Resorts Limited (WYNN: Quote) 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.

Register
To receive FREE breaking news email alerts for Wynn Resorts Ltd. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
After reporting a bigger than expected increase in new orders for U.S. manufactured durable goods in the previous month, the Commerce Department released a report on Thursday that once again showed stronger than expected durable goods orders growth in the month of March. The report said durable goods orders surged up by 2.6 percent in March after jumping by a revised 2.1 percent in February. First-time claims for U.S. unemployment benefits rose by more than expected in the week ended April 19th, according to a report released by the Labor Department on Thursday, with initial jobless claims climbing further off their recent lows. The report said initial jobless claims rose to 329,000, an increase of 24,000 from the previous week's revised figure of 305,000. After giving back some ground in the previous session, stocks are likely to move back to the upside in early trading on Thursday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 40 points.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.