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New ‘kids’ to run Boyd

Dec 18, 2007 5:46 AM

There probably won’t be any outward signs of a change but for Las Vegas the move by William S. (Bill) Boyd away from the helm of a gaming company that was started by his father will be historical.

On Jan. 1, Boyd will give up the day-to-day operation of Boyd Gaming Corporation (BYD), the company formed by his late father, Sam Boyd, and "retire" to his office as executive chairman. Moving in to the president and CEO positions will be Keith E. Smith.

In a filing with the Securities & Exchange Commission, Boyd Gaming made reference to the change which was announced earlier this year by also adding the various compensations involved in the new positions.

Following a meeting of the company’s compensation and stock option committee, it was determined that Boyd’s salary will be $1 million per year while that of Smith will be $1.1 million.

Replacing Smith as the company’s executive vice president and chief operating officer will be Paul J. Charmak. His compensation will be $675,000 annually.

In another announcement, the company said it had hired Josh Hirsberg as senior vice president and chief financial officer succeeding Charmak.

Hirsberg most recently has served as CFO of EdgeStar Partners, a resort development company.

The executive changes come just as the company prepares to begin bookings for its new project, Echelon, which will sit on the Las Vegas Strip on the site of the former Stardust Hotel/Casino.

Bob Boughner, Echelon president and CEO, announced the company has begun accepting group bookings for The Meeting Center, a 650,000 square foot convention center scheduled to open in the Echelon during the third quarter of 2010.