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Wynn Resorts board says NO to chairman candidate

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Wynn Resorts board says NO to chairman candidate
Photo Credits: Wynn Resorts
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The board Wynn Resorts Ltd., which was mired in the controversy over sexual abuse allegations against its previous, has reportedly rejected the new chairman candidate. It is said that Elaine Wynn, the majority stakeholder, had proposed the new candidate. The filing to the US Securities and Exchange Commission, which revealed the development, did not identify the candidate proposed by Ms Wynn. A report by Bloomberg News identified the person as Phil Satre, the former chief executive of Harrah’s Entertainment, now called Caesars Entertainment Corp. He is currently chairman of casino equipment maker International Game Technology Plc.

The news agency said Mr Satre had confirmed to Bloomberg he withdrew his name from consideration for a Wynn Resorts board seat, but Mr Sartre did not provided further details about the matter.

Wynn Resorts is the parent company of Macau casino operator Wynn Macau Ltd. The parent firm has expressed interest in bidding for a potential casino licence in Japan.

In her latest filing, Ms Wynn stated that her proposed candidate was “extremely well-qualified”, having served “on the boards of at least six public companies, including as chairman of the board of three public companies, and has extensive credibility with gaming industry regulators”. The document added that the person was not a “close associate” of Ms Wynn.

The filing said: “the reason provided for [Wynn Resorts] board’s decision was that neither the nominating and corporate governance committee nor the full board wanted to bring in an outsider as a vice chairman, despite the candidate’s qualifications.”

Ms Wynn further added that, “in an effort to resolve differences between the company and herself, [she] had offered to sign a multi-year standstill in exchange for the candidate’s appointment as chairman.”

The filing stated that the candidate had “made a board leadership position (chair or vice chair) an express condition to his willingness to join the board, because he felt that a leadership role would be necessary for him to be in a position to help address the company’s regulatory issues.”

The document added: “While the board offered the candidate a board seat, the board did so knowing that it would not meet the candidate’s condition, and he declined.”

In the filing, Ms Wynn again called for all board members of Wynn Resorts to be elected annually. She also expressed concerns that the board “would do something inappropriate with respect to the terms of the departure of Kim Sinatra,” arguing that Wynn Resorts should seek advice whether to consider this a ‘for cause’ termination. Ms Sinatra will cease to serve as the company’s executive vice president, general counsel and secretary with effect from July 15.

Wynn Resorts has been under pressure from Ms Wynn, a co-founder of the firm, and from some investor advisory firms, to bring in new faces at senior level since the publicity given in January to allegations that former chairman and chief executive Steve Wynn had sexually harassed employees. The entrepreneur has denied the claims, and eventually left the firm in February.

The structure of the Wynn Resorts’ board has changed dramatically over the past three months, with 60 per cent of the directors that had been in place at the start of the year now having departed.

The casino company announced in April the appointment of three new directors for its board, all of them women.

Source: ggrasia.com

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The Nomination Committee’s Proposal of Catena Media’s Board of Directors at the Annual General Meeting 2024

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The Nomination Committee’s Proposal of Catena Media’s Board of Directors at the Annual General Meeting 2024
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The Nomination Committee of Catena Media proposed re-election of the following members of the Board of Directors:

Øystein Engebretsen

Theodore Bergquist

Adam Krejcik

Sean Hurley

The Nomination Committee proposed that Erik Flinck and Dan Castillo be elected as new members of the Board of Directors.

Göran Blomberg, Esther Teixeira-Boucher and Austin Malcomb have declined re-election as board members.

The Nomination Committee proposed that there will be six (6) members of the Board of Directors, changed from seven (7).

The Nomination Committee also proposed Erik Flinck to be elected as Chairman of the Board of Directors.

Erik Flinck, born in 1980, currently provides high end business consulting combined with serving as Chairman for the digital health startup, dr HUD. Mr Flinck previously served as Head of BCG Sweden and has extensive experience from corporate management, growth and turnarounds from nearly 20 years of Management Consulting and serving as Head of Group Strategy and M&A at Sandvik AB. He has a Masters Degree in Engineering (Software development and Financial Mathematics) from the Royal Institute of Technology in Stockholm and a Masters Degree in Business and Administration from Stockholm University and Stockholm School of Business.

Born in 1980, Dan Castillo has accumulated over 20 years of experience across startups, growth companies and turnarounds. Since 2015, Castillo has invested in Catena Media, maintaining a close watch on its progression, especially after its IPO in 2016. He has previous experience of listed board work in Kotipizza which Orkla acquired in 2018. He currently serves on the boards of five companies in different sectors, including Quartr.com in Fintech and Hope Studios in movie production. His academic background includes studies in Finance and Economics at Linköping University.

The Nomination Committee of Catena Media consists of:

Nicklas Paulson, representing Investment AB Öresund (chair of the nomination committee)

Marianne Stenberg, representing Second Swedish National Pension Fund

Martin Zetterlund, representing Niklas Karlsson

Göran Blomberg, chairman of the board of Catena Media.

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IGT Announces Executive and Board Leadership Changes

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IGT Announces Executive and Board Leadership Changes
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International Game Technology PLC (IGT) announced that on March 21, 2024, its Board of Directors implemented changes to the Company’s Board and executive team.

Marco Drago announced that he will step down from his role as a non-executive director of the IGT Board of Directors. He will carry out his remaining term and depart from the Board at the conclusion of the Company’s Annual General Meeting (AGM) on May 14, 2024.

Enrico Drago has been appointed by the IGT Board of Directors as a non-executive director of the IGT Board. In addition, Enrico Drago will resign from his current role of CEO of IGT PlayDigital, and Gil Rotem, who is currently IGT PlayDigital President of iGaming, will expand his role to become IGT PlayDigital President and report directly to Vince Sadusky, CEO of IGT. These changes will be effective April 1, 2024. Enrico Drago will continue in his role as vice chairman of De Agostini S.p.A.

“As Marco Drago prepares to step down from his position on the IGT Board of Directors, I’d like to thank him for his many years of service and his unwavering commitment to driving results and creating value for all IGT stakeholders. Enrico Drago joining the Board and leaving his executive leadership position at IGT is a natural evolution that supports the Company’s vision for its next era of growth and transformation. Enrico’s value-creation mindset and understanding of global growth opportunities will enhance the Board and align with IGT’s strategic priorities,” said Marco Sala, IGT Executive Chair of the Board.

“Watching and guiding IGT through its evolution from a collection of companies that started with Lottomatica and GTECH grow into a unified global gaming leader has been very gratifying. We have been fortunate to have a great group of board members and business unit leaders that have helped drive IGT’s growth during this time. I thank them for their contributions and am certain that IGT is positioned for continued growth as we go forward with the bold initiatives we have undertaken,” said Marco Drago, IGT Non-Executive Director.

“Over the last five-plus years, IGT PlayDigital has established leadership positions in the global iGaming and North American sports betting sectors that will be foundational to the Company’s future successes. I thank the entire IGT PlayDigital team for all that we have accomplished in this time, and I look forward to supporting IGT in a new capacity and further helping the Company define its vision and strategy,” said Enrico Drago, CEO of IGT PlayDigital.

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Bidstack Executive Team Acquires Bidstack Limited and all its Subsidiaries

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Bidstack Executive Team Acquires Bidstack Limited and all its Subsidiaries
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The executive team of Bidstack has acquired Bidstack Limited and all the operating entities of the Group, from the administrators of Bidstack Group PLC. The deal sees James Draper, Founder & CEO, and the executive team of Bidstack Ltd become significant majority shareholders.

All contracts and client relationships will continue within the new ownership structure – safeguarding jobs for the UK and European-based staff.

Bidstack, the multi award-winning in-game middleware technology provider that initially set about bringing programmatic advertising revenue to the most renowned sports gaming franchises in the world, has diversified into a broader offering, taking advantage of the most advanced off-engine content management system in gaming.

Following the announcement of a partnership with the Washington Commanders, where the NFL franchise became the first-ever sports team to utilise a platform to control advertising within their virtual stadium, across official NFL games, from multiple studios and developers, the management team has been focusing on sports rights holders as a key customer type.

The executive team has the support of the world’s leading rights-holder professionals in the sports industry. It will continue to execute from its position as the leading technology for the sports industry, for fan engagement and brand activations, in video games.

The executive management consists of James Draper continuing as Chief Executive Officer, with Lisa Hau stepping up to Chief Financial Officer, Dave Garvey continuing as Chief Legal Officer, Will Stewart moving to Chief Product Officer and Daniel Barrigas to Chief Technology Officer.

James Draper, Bidstack’s Founder & CEO, said: “The acquisition is a pivotal moment for the next phase of growth for the business. Our technology is at the forefront of sports technology, and I couldn’t be more excited. I am proud that we are able to reward our ambitious and industry-pioneering team and have them as shareholders alongside myself.”

“I want to thank the staff and customers for standing by us during this strategic review, which has obviously been an uncertain period. For all of our customers to have stood strong alongside us is testament to the relationships we’ve built over the years, as well as the incredible staff we have here who have fostered those connections.

“The company can now focus on the enormous potential we have, to enable sports teams to get closer to their fans and improve the player experience by bringing their virtual IP to life, with real-time messaging, rewards and engagements.

“Thank you to the management team who have invested to protect the incredible work our talented group has produced. It’s extremely motivating to see the unwavering belief we collectively have in our vision and product. Sadly, the public market is an uncertain place currently, and it’s a challenging environment for growth businesses such as ours.

“The interest and support we’ve had from some of the leading players in the sports industry has given our team great confidence and motivation as we work with some of the world’s largest sporting franchises and leagues.

“Thank you to everyone’s support and to our Board of Directors, who have assisted myself and management throughout.”

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