Wynn Resorts wants to kick CEO Steve Wynn’s ex-wife and co-founder, Elaine Wynn from the board because her lawsuit against Steve might make things a bit messy, as reported by the Las Vegas Review Journal.
Elaine Wynn, who helped found the company with her then husband Steven in 2000 and has served on the board in 2002, could not be reached for comment. In a proxy filing with the SEC, the board said it would reduce its Class I board members from three to two and decided not to nominate Elaine Wynn, however, it was said “Steve supported the candidacy of Elaine.”
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Elaine is not taking this lying down and said she will nominate herself and will appeal to shareholders. The company said in a proxy statement, according to the Las Vegas Review Journal, that it was removing Elaine because of “potential conflicts of interest, her lawsuit against Steve Wynn over a longstanding stockholders agreement, the impact of the lawsuit, and her lack of independence under the NASDAQ listing standards.”
The lawsuit was filed with the Japanese billionaire Kazuo Okada was forced from the board in 2012. According to the agreement, she was forced to vote her shares with Steve Wynn, and sued to change the agreement.
