Wynn Resorts adds 3 female directors to board amid sexual assault claims
FBN's Cheryl Casone on Steve Wynn resigning as chairman and CEO of Wynn Resorts.
Casino giant Wynn Resorts appointed three members to its board of directors – all of whom are female.
The company announced Wednesday that it would expand its board to 11 members, adding Betsy Atkins – a three-time CEO and serial entrepreneur – Dee Dee Myers – a White House press secretary during the Clinton administration — and author Wendy Webb, as independent directors. Wynn Resorts boasted that women now make up 36% of the board, pushing the company into the top 40 of S&P 500 companies in terms of female board representation.
The conscious efforts to “diversify the gender, skills and experience” of its board members comes after the company’s founder, Steve Wynn, was accused of sexual misconduct. Wynn resigned as chairman and CEO of the company in early February, though he has denied any wrongdoing.
As a result of the allegations – first reported by The Wall Street Journal – shareholders filed a lawsuit against board members for a breach of fiduciary duties.
"These appointments signify a turning point for us, and I look forward to working with each of our new directors as we usher in a new era at Wynn," Matt Maddox, CEO of Wynn Resorts, said in a statement.
Wynn Resorts revealed that the company is conducting an independent third-party investigation into its awareness and response to the claims against Steve Wynn.
Earlier this week, Steve Wynn resolved a longstanding fight with his ex-wife, Elaine Wynn, over claims that he violated the terms of their shareholders’ agreement. The battle, which had been ongoing for six years, involved claims that Elaine Wynn had been wrongfully removed from the company’s board of directors.
Wynn Resorts revealed that Steve Wynn paid Elaine Wynn a $25 million settlement.
Late last month, the casino mogul sold his remaining shares in Wynn Resorts, netting him more than $2.1 billion. He owned a 12% stake in the company, which he founded.
Elaine Wynn is now the company’s largest shareholder, owning a stake worth more than 9%.