Elaine Wynn is ready to clean house, and it's probably a good idea considering the stained reputation her ex-husband has left on the casino resort company that bears his name.
Elaine Wynn is looking to reconstitute the board of Wynn Resorts Ltd., the casino company she co-founded, after a sex-harassment scandal toppled her ex-husband Steve Wynn from his job as chief executive officer.
Wynn, who settled all litigation with her ex-husband this week in exchange for $25 million, said she wanted to remake the board with a majority of new members, according to a regulatory filing Tuesday.
Steve Wynn stepped down from the luxury resort operator in February after a series of articles detailed his alleged harassment of female employees at the company. Wynn subsequently sold all of his shares and settled a long-running dispute with his ex-wife that now allows her to vote or sell her 9 percent stake in the company.
Elaine Wynn, now the largest individual shareholder, said in the filing she’d like the Wynn Resorts board to be declassified, meaning each director would stand for election every year, or she would like nominate her own members, with the goal of changing the composition of the board that kicked her out three years ago.
She indicated in the filing that she doesn’t want the company to sell its still-under-construction Boston-area casino without regulators there first seeing dramatic changes in corporate governance.
©2018 Bloomberg L.P. This article was written by Christopher Palmeri from Bloomberg and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to [email protected].
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Photo credit: A photo of Wynn Macau. After settling with her ex-husband for $25 million, Wynn Resorts' largest shareholder, Elaine Wynn, wants to replace most of the company's board of directors. Bloomberg