The Board of Directors at Wynn Resorts will not include Elaine Wynn, after she lost her opportunity for reelection. Back in March, the former wife of CEO and Chairman Steve Wynn, was removed from her position on the board and nominated herself to be placed back on the board based on the fact that she helped the company become a global player in the casino industry. However, during the recent stockholder annual meeting, Wynn did not receive the support she needed to be placed back on the board.
Edward Virtue and John Hangenbuch were re-elected, while Elaine Wynn was not, based on the board’s accusations that she passed $10 million in her shares of Wynn to a charity foundation she owned to sell during a blackout period. Wynn’s claims of global growth efforts were diminished by the board, stating Wynn’s efforts were matters that were more appropriately handled by the highly trained and professional staff of the company.
Staying out of the elections, Steve has called the situation ‘impossibly embarrassing’ and has not shown support for his ex-wife or the board. Once the vote was completed, Wynn Resorts released a statement to thank Elaine for her previous service. Elaine had previously called out the board for consisting of a ‘bunch of old white dudes’, with the board now responding they will be expanding the board to have more qualified, diverse and independent directors by the end of the year.