The talk about Wynn Resorts has not stopped with the rebranding of Wynn Boston. The company is in the news yet again, this time with Elaine Wynn making the headlines.
Last week Elaine Wynn was able to get three women on the board of directors, and now she is working on other goals. It seems now that her ex-husband is no longer able to make decisions or be part of Wynn Resorts, she is taking an active role in the decisions made by the board. It may only be due to keeping her shares worth something, after significant drops, due to the sexual scandal surrounding her husband. However, it seems like her time to shine.
The three women appointed to the board is just one way Elaine is trying to clean house. Wynn is using her voting power to create changes, and it means Steve Wynn’s director fights to remain at Wynn Resorts.
John J. Hagenbuch is a director candidate. He has been the director of Wynn Resorts, who is facing re-election. Elaine is trying to get the board to not vote him back in on the May 16 election.
Hagenbuch Director of Wynn
Hagenbuch is a co-founder of Westland Capital Partners and the current executive chairman. Elaine Wynn sent a letter to Wynn shareholders asking that they do not vote for Hagenbuch in the new election. She is the most significant shareholder of Wynn Resorts, retaining her 9.24 percent. She is concerned, according to the letter, by the independence and responsible oversight the current board has shown. She indicated her concern involves the senior leadership, which she wishes to be reconstituted and reformed to provide better corporate governance in the future.
Elaine Wynn also noted her dislike of legacy directors, who have too much influence over a company. She wants a withhold the vote campaign to help urge other voters to put new people in the seats of power.
She is looking for a “new Wynn” that will be devoid of scandal, one with fresh ideas, younger board members, and a board of directors that will keep the company earning money.
The lawsuit against Wynn and Wynn Resorts does target certain people as knowing about the sexual misconduct of the owner. It is possible these individuals named as part of the culpable party will need to atone for their blind-eyes, which could change the direction of Wynn Resorts. The allegations are still being investigated, so only Steve Wynn has been asked to leave.
