Wynn Resorts, Limited (NASDAQ: WYNN) is having an overwhelmingly strong day in the market today, and for good reason. It was announced recently that Steve Wynn, CEO and Chairman of the Board of Directors of the company would be stepping down. This comes following allegations of sexual misconduct that have shaken the WYNN brand. Today, we’ll talk about the news, what we’re seeing from the stock as a result, and what we’ll be watching for ahead.
WYNN Gains On CEO Resignation
As mentioned above, recent times have been tough of Wynn Resorts as allegations of sexual misconduct against the CEO of the company started to surface. These allegations gained widespread attention after an investigative report published by the Wall Street Journal cited dozens of sources and detailed numerous allegations against Steve Wynn.
As a result, it has been announced that Wynn will step down. In a press release issued recently, WYNN said that Steve Wynn will resign as the Chairman and CEO of the company. Following his resignation, the board has appointed Matt Maddox, currently the President of the company, as its CEO. Also, Boone Wayson will serve as the Non-Executive Chairman of the Board. According to the release, these changes are effective immediately. In a statement, Boone Wayson, had the following to offer:
It is with a collective heavy heart, that the board of directors of Wynn Resorts today accepted the resignation of our founder, CEO and friend Steve Wynn… Steve Wynn is an industry giant. He is a philanthropist and a beloved leader and visionary. He played the pivotal role in transforming Las Vegas into the entertainment destination it is today. He also assembled a world-class team of executives that will continue to meet the high standards of excellence that Steve Wynn created and the Wynn brand has come to present.
The above statement was followed up by Steve Wynn who denied the allegations. Here’s what he had to offer:
In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity… As I have reflected upon the environment this has created — one in which a rush to judgement takes precedence over everything else, including the facts – I have reached the conclusion I cannot continue to be effective in my current roles.
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