Elaine Wynn’s bid to clean house continues. Following the exit of her former husband, Steve, as CEO of the casino giant, Wynn was given back her voting power, and she’s not afraid to wield it. She has already said she wants new blood on the board, and is now challenging shareholders to not vote for director candidate John J. Hagenbuch.
Hagenbuch is a director of Wynn Resorts who is up for re-election on May 16. He is also the executive chairman and co-founder of Westland Capital Partners. In a letter addressed to all Wynn shareholders, Elaine Wynn made another request—this time for them to withhold their votes for Hagenbuch in the upcoming election in May.
Elaine Wynn, currently the largest shareholder of Wynn Resorts with 9.24% of outstanding shares, said she’s “deeply concerned” by “the lack of independence and responsible oversight demonstrated by the current board of directors.” Specifically, Wynn is concerned about the casino company’s “most senior leadership,” which is why she says she’s “seeking to reconstitute the board and reform the company’s corporate governance.”
Wynn continued by expressing her distaste of the current “legacy directors” that have too much influence over the company, in particular Hagenbuch. She adds, “This is why today I am launching a “Withhold-the-Vote” campaign against John J. Hagenbuch. I urge you to join me in this effort.”