Reading Time: 1 minute
Wynn Resorts board of officials finally gave a nod to its decision to replace the post of Steve Wynn, the former Chairman and CEO of American casino company Wynn Resorts, who stepped down prior to a few weeks, losing his face owing to sexual assault allegation.Consequently, Matt Maddox who has been the President of Wynn Resorts, since 2013 will take over as the new CEO.
In addition the company stated: “Pursuant to such registration rights agreement, Mr. Wynn may not sell during any quarter after the date of such agreement more than one-third of the company shares he holds as of the date of such agreement.”
Steve Wynn’s whose resignation will be completed by June, will leave his residence adhering to the agreement demands. Simultaneously he will not receive any severance or financial compensation.
The agreement also establishes that Wynn will provide reasonable assistance “in connection with any private litigation or arbitration and to the board of directors of the company or any committee of the board in connection with any investigation” related to his service.
Former employees of Wynn claimed he had displayed inappropriate sexual behaviour in front of them, while a manicurist told the Wall Street Journal that he forced her to have sex in his office.
Source: European Gaming Media and Events