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Wynn Resorts director Hagenbuch one of two to step down amid Elaine Wynn campaign

Tuesday, 15 May 2018 06:17
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  • • John Hagenbuch stands down from Wynn Resorts board
  • • Robert J Miller quickly does the same
  • • More than 50% of Wynn Resorts board replaced since February
  • • Follows campaign by Elaine Wynn against Hagenbuch and the board

 

Wynn Resorts director John “Jay” Hagenbuch has announced that he won’t stand for re-election on the Wynn Resorts board at this week’s annual general meeting in the wake of a campaign against him by the company’s largest shareholder Elaine Wynn.

In an SEC filing early Monday Macau time, Hagenbuch said that he didn’t want his presence to distract from the future progress of the Wynn Resorts board, stating, “Over the past three months, the board has done a remarkable job maintaining stability at Wynn and managing through a tumultuous time that could easily have caused much deeper disruption to the company’s business.

“There is still more work to be done and I do not want my candidacy to detract from the important progress we have made throughout the organization, including the ongoing refreshment process this board has initiated. Wynn Resorts is a strong company, poised for long-term growth and superior shareholder value creation, and I am proud to have served on its board.”

The 64-year-old will be followed out the door by another director, Robert J Miller, who quickly tendered his resignation in the wake of Hagenbuch’s announcement. Their departure means that more than half of the boards has now stepped down in the wake of the sexual misconduct allegations leveled against founder Steve Wynn in February.

In his own statement, Miller said, “The time has come to leave the past behind and allow Wynn Resorts to embrace a wonderful future. I am thrilled with the recent additions of Betsy Atkins, Dee Dee Myers and Wendy Webb to the board and I believe a new standard of excellence in corporate leadership has been established.

“My departure will afford the board the opportunity to continue to bring on new, independent voices and fresh perspectives. I have been proud to be part of one of the world’s finest resort companies and have the utmost confidence in our board and management team’s ability to successfully remake Wynn for the future.”

Elaine Wynn launched her campaign against Hagenbuch last month via a lengthy letter to shareholders in which she questioned the board’s response to a previous letter she had penned calling for Wynn Resorts to reopen the window during which shareholders can nominate directors and to take steps to allow for a majority of the board to be comprised of new independent qualified directors.

She also questioned the speed of the board’s reply to various requests for information and accused it of seeking to impede her “Withhold the vote” campaign against Hagenbuch.

 

 

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