Wynn Resorts, Limited 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.”
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: NewsManagement
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in