Steve Wynn did sell his company stock. MGM is just one brand that bought up the stock. But, the road ahead for Wynn Resorts is still long when it comes to the sexual harassment issue. The controversy is continuing to gain media attention, particularly as the company keeps reappearing with something new to talk about.
In this situation, it may be a good move on Wynn Resorts side. The board added three women, perhaps to make them look less chauvinistic. The company announced they would be giving three board positions to women. This is all in the wake of the sexual harassment suits against Steve Wynn who stepped down as CEO and is now completely out of the business.
Wynn Resorts announced the expansion of their board earlier this week. Adding women brings the total board members to eleven. The company stated they are highly qualified women who will be independent directors.
The three women gaining positions with the board of directors of Wynn Resorts are Dee De Myers, Betsy Atkins, and Wendy Webb. The press release said it was a significant turning point for the casino business. The news points out that Elaine Wynn remains the single largest shareholder in the company. She wanted an overhaul of the board to help restore the company’s reputation.
Elaine Wynn is Actively Changing Wynn Resorts
Elaine Wynn is probably going to change her last name too, given that she has been divorced from Wynn for years now and the name is not a symbol to keep around. In fact, even the casino has considered changing its brand name to help recuperate the reputation.
Webb, Atkins, and Meyers will bring the board up to 36% female. When assessing the 40 S&P 500 companies, it places the company at the top in regards to females being on the board.
D. Boone Wayson stated the company would add new directors in the coming months, which will help bring the reputation back.
Elaine Wynn is helping to change the company by demanding a change in board members, but why? Perhaps, with Steve Wynn out of the way she is going to attempt to be more active in the company instead of selling her shares. Since the divorce, she tried to sell her shares, but Wynn blocked her from doing so. With him gone and unable to be part of Wynn Resorts, Elaine was finally able to sell, but she is retaining her shares for the moment.