Phil Satre officially became chairman of the Wynn Resorts board of directors, the casino company said in a statement Wednesday.
Satre, the longtime CEO and chairman of Harrah’s Entertainment who joined Wynn’s board in August, was named chairman at a meeting yesterday.
“I am honored to be named chairman of the newly refreshed Wynn Resorts board and look forward to continuing to support the company’s transformation,” Satre said in a statement.
Since the spring, the Wynn board has been remade to include 10 directors, including six new members, four of whom are women.
The appointment of Satre also ended hostilities between the company and its largest shareholder, co-founder and former board member Elaine Wynn, the ex-wife of company founder Steve Wynn, who stepped down as chairman and CEO in February following sexual harassment allegations. Long-time company executive Matt Maddox was named CEO.
Elaine Wynn had challenged the Wynn board’s make-up last spring. The effort led to the resignation of two long-time board members, including one she actively campaigned against. Elaine Wynn controls 9.9 percent of the company’s stock and agreed to enter a “Standstill Period” that ends in 2020 or, if Satre were to leave as chairman.
Among the provisions, Elaine Wynn agreed to cap her current ownership stake, not nominate anyone to the board or seek to add additional members, not enter a proxy fight, and not seek to influence board members or senior management. She also agreed to vote her shares in accordance with the board’s recommendations.
Satre succeeds D. Boone Wayson who is retiring from the board.
“We have ushered in a new era at Wynn Resorts, and I am proud of all the hard work the board, our CEO and the management team have done to improve the company’s culture and corporate governance,” Wayson said in a statement.
Satre is president of the National Center for Responsible Gaming. He resigned in August as chairman of gaming equipment manufacturer International Game Technology when he joined the Wynn board.
Satre has also served as chairman of Nordstrom, Inc., and NV Energy, Inc. and has served as a director of Tabcorp Holdings Ltd. and Rite Aid Corporation. He has received numerous accolades, including election to the American Gaming Association’s Hall of Fame.
Howard Stutz is the executive editor of CDC Gaming Reports. He can be reached at hstutz@cdcgamingreports.com. Follow @howardstutz on Twitter.
