- Push-out Score determined
- After about six years in the position
- Accolades, praise and thanks for Wilmott
- Jay Snowden taking over
- Wilmott said 73 words
(exechange) — Wyomissing, Pennsylvania, August 1, 2019 — Tim Wilmott, chief executive of Penn National, leaves. As announced by Penn National Gaming Inc. in a news release and in a regulatory filing published on Thursday, August 1, 2019, Timothy J. (Tim) Wilmott leaves his post as Chief Executive Officer at the operator of casinos and racetracks after about six years in the role, effective December 31, 2019.
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 7.4 years, according to data compiled by exechange.
Tim Wilmott’s duties as CEO will be taken over by Jay A. Snowden, currently Chief Operating Officer of Penn National Gaming, Inc.
“Succession process”
Tim Wilmott’s departure from the CEO post is explained as follows. Penn National said: “Penn National Gaming (NASDAQ: PENN) (“Penn National” or the “Company”) today announced that in connection with its ongoing succession process, Timothy J. Wilmott informed the Company’s Board of Directors of his decision to retire as Chief Executive Officer of the Company and as a member of the Board at the end of 2019.”
Precise information regarding Tim Wilmott’s future plans was not immediately available.
“Retirement”
Penn National said: “On July 30, 2019, in connection with its ongoing succession process, Timothy J. Wilmott informed the Board of Directors (the “Board”) of Penn National Gaming, Inc. (the “Company”) of his retirement as Chief Executive Officer of the Company and as a member of the Board, in each case, effective as of December 31, 2019.”
Share price decline
The announcement follows a decline in Penn National Gaming, Inc.’s share price of 44% since July 2018.
Chaired by David A. Handler
Penn National Gaming, Inc. is chaired by David A. Handler.
In the position of CEO since 2013
Tim Wilmott became CEO of the Company in November 2013.
Wilmott joined the Company in February 2008 as President and Chief Operating Officer and was named Chief Executive Officer in November 2013.
Wilmott served at Harrah’s Entertainment (now Caesars Entertainment Corporation) from 1987 to 2008 and was Chief Operating Officer at Harrah’s for approximately four years.
In this position, he oversaw the operations of all of Harrah’s revenue generating businesses, including 48 casinos, 38,000 hotel rooms and 300 restaurants.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Penn National and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 31.2019 ($).