New Wynn Resorts appointments could boost shares
Following the decision to hire Phil Satre as vice chairman of the board of directors for Wynn Resorts – and possibly its chairman by the end of the year – the company has continued to shuffle people around. CEO Matt Maddox and Richard Byrne, an independent director, have now been appointed to the board, making them the latest among six directors to be added and five to be removed. The decisions, which are all favored by majority shareholder and ex-wife of the company’s former CEO Steve Wynn, Elaine Wynn, and could help to boost confidence among the company’s shareholders.
Outgoing chairman Boone Wayson, who Elaine Wynn has been trying to oust for months in favor of Satre, said of Maddox’s appointment, “Matt has ushered in a new era at Wynn, providing outstanding leadership since stepping into the CEO role, and we are pleased to officially welcome him as a director on the Board.”
Regarding Byrne, he stated, “We are also pleased to add another high-caliber independent director with Rich. His deep financial expertise and knowledge of the lodging, leisure and gaming industries, including extensive familiarity with Wynn, will further enhance the Board’s expertise.”
Maddox added his take on the shakeup, saying, “We have made it our top priority to implement meaningful change at Wynn Resorts and have made demonstrable progress over the past six months. I am excited to be part of this refreshed board that is committed to growing the premier brand in luxury resort development.”
Already the news may have had a positive impact on stock prices. After falling from a 2018 high of $200 in January to $146.73 on August 3, the price rebounded to $156.41 this morning.