Wynn Resorts, further distancing itself from problems associated with former Chairman and CEO Steve Wynn, on Monday named Phil Satre vice chairman. Reuters reports the move is part of a settlement reached with the casino operator’s co-founder and largest shareholder, Elaine Wynn, who had been pushing to reorganize the board.
The company said she would not propose any additional directors or seek to accelerate the timeline for the appointment of Satre as chairman for a specific period, according to various news service reports.
Elaine Wynn will be reimbursed for an amount of up to $5 million, for out-of-pocket expenses related to the 2018 annual meeting and negotiations, the company said.
“This appointment is the result of a collaborative effort with co-founder Elaine Wynn, which I believe will serve as the beginning of a constructive and unified effort by all parties to move the company forward,” current board chairman D. Boone Wayson said. Satre will succeed Wayson as chairman.
Satre, a gaming-industry veteran, previously was chief executive officer of Harrah’s Entertainment Inc.
Steve Wynn, the former chief executive officer of the company, and ex-wife Elaine, following a bitter divorce, had been locked in a battle for control of the company.
Steve Wynn sold his entire 11.8 percent stake in the firm in March after he resigned following accusations he subjected women who worked for him to unwanted advances. Wynn has strongly denied the claims.