Wynn Responds to Okada Departure, Says Prelim. Results Show 99.7% Shares Supported Removing Okada
Wynn Resorts, Limited (Nasdaq: WYNN) today announced that Kazuo Okada has resigned from its Board of Directors. As a result, the Wynn Board will be reduced to eight directors, including six independent directors.
The company will hold its Special Meeting as planned tomorrow at which stockholders are voting on a proposal to remove Mr. Okada from the Board of Directors. Preliminary results received to date show that 99.7% of the shares voted have voted for Mr. Okada's removal.
Mr. Okada was deemed unsuitable by the Wynn Resorts Board after a lengthy investigation by former FBI Director Louis J. Freeh uncovered evidence of improper conduct by Mr. Okada and affiliated entities under the Foreign Corrupt Practices Act in connection with their dealings with Philippine officials.
Stephen A. Wynn, Chairman and Chief Executive Officer of Wynn Resorts, said, “We greatly appreciate the overwhelming support from our stockholders for this important action to protect the Company's business and the interests of stockholders. The preliminary vote count clearly illustrates that our stockholders understand that removing an unsuitable person from the Board is vital to the continuing success of the Company as we pursue a growth strategy to expand into new jurisdictions. This is a time of tremendous opportunity for Wynn Resorts, and we are extremely confident in our future prospects.”
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.