Board Of Directors Votes Elaine Wynn Out Of Wynn Resorts
They say behind every successful man is a woman and this was most definitely the case for billionaire Steve Wynn. His former wife Elaine Wynn helped him to build Wynn Resorts and turn it into the multi-billion dollar company that it is today.
She was a key member of the board of directors and played an important role in running the company. Elaine and Steve have married twice and now been divorced twice.
Steve Wynn holds a 9.9 percent stake in the company and Elaine Wynn holds a 9.4 percent stake. Once the couple divorced in 2010, Elaine had a clause in her divorce settlement allowing her to sell only a limited percentage of stock every year. She took Steve Wynn to court as she wanted the clause removed, which would allow her to donate a lot more funds to charity on a yearly basis.
The legal battle got intense and soon the board of directors wanted to remove Elaine and were concerned that confidential board room meeting discussions and decisions would be leaked during the court room battle. On the 24th of April, the board finally reached a decision and informed Elaine that she would no longer be a part of the board of directors for Wynn resorts.
Elaine had fought hard to retain her seat and continue operating as director and she wanted to continue to help run the company she built with Steve Wynn.
Steve Wynn who usually prefers to be private about such issues, went on record to say
I didn’t happen to agree with them (the directors). I’m in an impossibly embarrassing situation of either not supporting my former wife Elaine, which I am happy to do and obliged to do, or not supporting my board of directors who are all very fine highly respected independent men. So on this issue I have recused myself, made public my opinion and I am not commenting on any of this sort of thing because I have nothing constructive to add to the conversation except that it is an uncomfortable situation to be in
Elaine Wynn had claimed that she knew Steve Wynn better than anyone else and was instrumental in him making key decisions and helping turn Wynn Resorts into the billion dollar empire that it is today. However, the board disagreed with her views and stated that she was more involved with the operational activities of the company rather than managerial functions and said her role could be replaced by a well trained staff.
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