Wynn Resorts Limited (WYNN) announced Friday that stockholders voted overwhelmingly to remove Kazuo Okada from the Wynn Resorts Board of Directors at its Special Meeting of Stockholders held today.
With over 86 million shares voting, the proposal to remove Okada as a director was approved by 99.6% of the shares voting. At the time of Okada's resignation yesterday, virtually all of these stockholder votes had already been cast. Following the Special Meeting, the Wynn Board was reduced to eight directors, including six independent directors, the company said.
On Thursday, Wynn Resorts announced that Kazuo Okada resigned from its Board of Directors.
On 15th February 2013 Wynn Resorts said in a statement, "We are gratified by the Court's decision to dismiss Mr. Okada's attempt to block the Special Meeting to remove him from the Board and that our shareholders will have the opportunity to vote on this important issue on February 22."
The company had said that Okada was deemed unsuitable by the company's Board after a lengthy investigation by former FBI Director Louis 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.
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