She fought a good fight, but Steve Wynn’s ex-wife, Elaine, has been ousted from the Wynn Resorts board.
After more than 12 years as a director at the casino company, Elaine Wynn was not renominated to the board earlier this year. Wynn, whose lawyers say she was shocked, renominated herself and went on to launch a re-election campaign.
But that came to an end on Friday when shareholders chose nominees John J. Hagenbuch and Mr. J. Edward Virtue instead of Wynn.
“While I am certainly disappointed by the result of today’s vote, I am hopeful that I have once again served as an agent for change and improvement for this Company, which I love so deeply,” said Wynn, who will remain the company’s third-largest stockholder, in a statement.
“I am gratified to hear from so many investors that this proxy contest was a success in that it brought to light critical corporate governance concerns at Wynn Resorts such as independence, expertise and diversity in the Boardroom and the impact they have on key issues that our Company is facing.”
The boardroom shakeup comes at a difficult time for the company. Wynn Resort’s stock is down about 40 per cent in the past year, largely on losses in Macau.
This is not the first breakup for Steve and Elaine, who’ve been married and divorced twice.
During her re-election campaign, Elaine repeatedly told shareholders that she was the only person capable of standing up to her husband in the boardroom.
Steve was legally obligated to vote for his ex-wife, despite the two being in the middle of a lawsuit that she launched in 2012 to remove restrictions on her shareholding. If she wins that suit, and is able to sell her shares, she could seriously damage Steve control of the company.
In a statement, Wynn Resorts said, “We thank Ms. Wynn for her service on the Wynn Resorts Board of Directors.”
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