Wynn Resorts says no to Elaine Wynn’s plan for new board

Thursday 19th of April 2018

The chairman of Wynn Resorts’ board of directors has rejected requests from Elaine Wynn to reshuffle the company’s board of directors.

Earlier this week, Ms. Wynn wrote a letter to the board seeking a restructure in the company’s corporate governance through a shake up of the board of directors.

“I write to you in my capacity as the largest shareholder of Wynn Resorts… with an interest in fully restoring its reputation and in transforming it into a corporate governance leader.”

“To achieve these goals, I believe that the Company’s governance structure needs to be reformed and that the board of directors needs to be reconstituted. This should be done immediately and certainly before any material decisions are made that could affect the long-term interests of the shareholders.”

In a letter addressed to Ms. Wynn on Thursday, D. Boone Wayson, chairman of Wynn Resorts, said that the board did “not believe that re-opening the advance notice nomination deadline is appropriate or justified.”

“As you are aware, the director nomination deadline established under the Company's bylaws and disclosed in our 2017 proxy statement closed nearly three months ago, on January 21, 2018.”

On Wednesday, the company announced the appointment of three new independent directors on its board, including Betsy Atkins, Dee Dee Myers and Wendy Webb.

“As we hope you will see from our announcement, following a deliberative process announced weeks ago, we have made immediate and meaningful change to our Board by adding three new highly qualified, diverse, and independent directors,” said Wayson.

“We welcome input from our shareholders and look forward to engaging with you constructively in the future,” he concluded.

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