Ahead of its next annual general meeting scheduled for later today, American casino operator Wynn Resorts Limited has allegedly announced that two of its directors have opted to resign following concerted pressure from its biggest individual shareholder, Elaine Wynn (pictured).
According to a Monday report from the Bloomberg news service, Las Vegas-based Wynn Resorts Limited revealed that John Hagenbuch won’t be standing for re-election at today’s meeting before detailing that Robert Miller, a former two-term Nevada governor, had decided to resign his place on its own board of directors.
Via a late-April letter, 76-year-old Wynn had allegedly encouraged fellow shareholders to oust Idaho resident Hagenbuch in the board of Wynn Resorts Limited because she believed that his presence would hinder continuing attempts to remake the picture of the company. This rebranding supposedly became crucial in the aftermath of the early-February resignation of her former husband, Steve Wynn, as the company’s Chief Executive Officer amid numerous allegations of sexual misconduct.
Mr earlier reported that Wynn, that owns 9.25% of Wynn Resorts Limited’s inventory, had helped set the casino giant along with her ex-husband and utilized final month’s letter to describe Hagenbuch as a ‘long-time close friend of Mr Wynn’ that still wielded ‘important influence in the business’. She had moreover supposedly announced that the actual estate magnate served on the business’s ‘particular committee responsible for overseeing the investigation into allegations of Mr Wynn’s sexual harassment’ and on its own ‘reimbursement committee’.
Hagenbuch’s position later allegedly became exceptionally untenable after New York-born Wynn gained support from all three of the large proxy advisory firms while Wynn Resorts Limited then declared that the latest departures mean that 60% of its own board had changed since February. It also purportedly pointed to its appointment last month of some trio of new feminine independent directors at Margaret ‘Dee Dee’ Myers, Betsy Atkins and Winifred ‘Wendy’ Webb and its own choice to change the name of its own under-construction Wynn Boston Harbor development in Massachusetts as illustrations of progress.
“I do not want my candidacy to detract from the significant progress we have made during the organization including the continuing refreshment process this board has pioneered,” allegedly read a statement from Hagenbuch.