Wynn Resorts pays outgoing EVP $1.8 million in severance
She served as Wynn Resorts' general counsel, secretary and executive vice president. She also was an officer for several of the casino operator's subsidiaries. However, Kim Sinatra stepped down from the company on July 15 without providing a reason and will now pick up a nice departure bonus of $1.81 million.
Wynn Resorts announced the severance package in a regulatory filing yesterday regarding its second quarter financial results. It explained, “Such payment reflects all unpaid base salary through December 31, 2018, projected 2018 bonus compensation, and unpaid but accrued vacation pay."
The casino giant also said that Sinatra has agreed to "remain available" to the company for up to 25 hours each month and will "provide advice, guidance and cooperation with respect to litigation and general corporate matters.”
Sinatra will also have to “cooperate with the company and regulatory authorities regarding any outstanding matters," namely, the ongoing battles against the company's former CEO, Steve Wynn, who has been facing allegations of sexual misconduct.
Sinatra first joined the company in 2004 and became its general counsel and corporate secretary in 2006. She has been replaced by Ellen Whittemore, who will serve as general counsel and executive vice president.
As discussed yesterday, Wynn has been undergoing a lot of changes recently. The board of directors has been shuffled around and its current chairman, Boone Wayson is being replaced by Phil Satre.
The news has had a positive impact on the company's stock price the past couple of days and is now at $154.80, up 0.59% from yesterday.