LAS VEGAS – Wynn Resorts elected former Harrah’s CEO Phil Satre to the position of vice chairman of the board after reaching a settlement with its largest shareholder, Elaine Wynn.
Satre will take over as chairman of the Las Vegas-based casino operator following the retirement later this year of D. Boone Wayson, Wynn Resorts said in a statement yesterday. Under the agreement with Elaine Wynn, who owns just under 9 percent of the stock, she won’t significantly increase her stake, nominate more directors, or join groups seeking a takeover until 2020. She’ll be reimbursed for as much as US$5 million in expenses she incurred to launch a proxy fight earlier this year and negotiate the agreement.
“I have long respected Phil as a leader in the gaming industry and am confident that his addition to the company’s leadership team, coupled with the plans laid out by management, will bring the company tremendous success in the years to come,” Elaine Wynn said in a statement.
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