- After almost 16 years in the position
- Accolades, praise and words of regret for Wynn
- Matt Maddox taking over
- Wynn spoke at length and said 271 words
(exechange) — Las Vegas, Nevada, February 6, 2018 — Steve Wynn, chief executive of Wynn Resorts, leaves. It is an abrupt change. As announced by Wynn Resorts, Limited in a news release and in a regulatory filing published on Tuesday, February 6, 2018, Stephen A. (Steve) Wynn leaves his post as Chief Executive Officer at the casino hotel company after almost 16 years in the position, effective immediately.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.3 years, according to data compiled by exechange. Only 16 percent of the CEOs who departed over the past 12 months left the position after more than 15 years.
Wynn’s duties will be taken over by Matt Maddox, most recently President at Wynn Resorts, Limited.
It is a generational change as well. Matt Maddox is about 34 years younger than Steve Wynn.
“Avalanche of negative publicity”
Wynn’s sudden departure from the CEO post is explained as follows. Steve Wynn said: “In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity.”
Precise information about Wynn’s future plans was not immediately available.
Wynn Resorts said: “The Board of Directors of Wynn Resorts reluctantly announced today that it accepted the resignation of Steve Wynn as CEO and Chairman of the Board of Directors.”
Wynn Resorts further said: “Stephen A. Wynn has resigned as Chairman of the Board and Chief Executive Officer of the Company, effective immediately.”
Share price rise since January 2016
The change follows a rise in the share price of Wynn Resorts, Limited since January 2016.
In the position of CEO since 2002
Stephen A. Wynn has served as Chairman and Chief Executive Officer of Wynn Resorts, Limited since June 2002.
Wynn has been an Executive Director, the Chairman of the Board of Directors and Chief Executive Officer of Wynn Macau, Limited, a majority owned subsidiary of the Company, since September 2009 and President of Wynn Macau, Limited until January, 2014.
Wynn has also served as Director, Chairman and Chief Executive Officer of Wynn Resorts (Macau) S.A. since October 2001.
During his time as Chairman, Chief Executive Officer and President of Mirage Resorts, Wynn developed, opened and operated The Mirage, Treasure Island and Bellagio in 1989, 1993 and 1998, respectively.
In February 2017, Wynn was named the Finance Chairman of the Republican National Committee.
Read the full story in the exechange report 7.2018 ($).