{"id":77812,"date":"2018-05-16T14:00:15","date_gmt":"2018-05-16T21:00:15","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=77812"},"modified":"2018-05-16T13:41:38","modified_gmt":"2018-05-16T20:41:38","slug":"controversial-wynn-resorts-director-jay-hagenbuch-steps-down-ahead-of-agm","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/controversial-wynn-resorts-director-jay-hagenbuch-steps-down-ahead-of-agm\/","title":{"rendered":"Controversial Wynn Resorts Director Jay Hagenbuch Steps Down Ahead of AGM"},"content":{"rendered":"

John \u201cJay\u201d Hagenbuch, the Wynn Resorts director whom Elaine Wynn launched a campaign to oust, announced Tuesday he would not be seeking reelection to the board at the company\u2019s annual general meeting, which was scheduled for today, Wednesday, May 16.<\/p>\n

\"John
Trouble in the Board Room: The Wynn Resorts board resisted Elaine Wynn\u2019s calls to remove John \u201cJay\u201d Hagenbuch but, as the tide turned in her favor, he announced he would step down voluntarily. (Image: Wynn Resorts)<\/figcaption><\/figure>\n

Ms. Wynn claimed that Hagenbuch was a crony of Steve Wynn and demanded his removal from the board to make way for fresh blood.<\/p>\n

She said she believed a complete shake-up was needed to restore the company\u2019s reputation<\/a> in the wake of the sexual misconduct scandal that led to her ex-husband\u2019s departure.<\/p>\n

\n

Ms. Wynn became the company\u2019s largest shareholder after Mr. Wynn resigned as chairman and CEO and sold his shares. She has since clashed with the board<\/a> from which she herself was ousted in 2015.<\/p>\n<\/div>\n

She objected, in particular, to the fact that Hagenbuch was one of three directors on a special committee involved in Wynn Resorts\u2019 own internal investigation into the allegations against its former chairman, a position she said was inappropriate since the two men are old friends.<\/p>\n

Hagenbuch \u2018Shared Culpability\u2019 <\/strong><\/h2>\n

Ms. Wynn gained the upper hand when the influential advisory firm Glass Lewis told Wynn Resorts shareholders there would be \u201cgreater value\u201d in rejecting Hagenbuch\u2019s nomination.<\/p>\n

It called his role on the special committee \u201cquestionable\u201d and suggested he \u201cshared culpability” for “misaligned compensation practices\u201d \u2013 a reference to allegations that Mr. Wynn paid off female employees for their silence, allegedly with the board\u2019s knowledge.<\/p>\n

Another advisory firm, International Shareholder Services, said Hagenbuch was \u201cpart of a legacy board that oversaw material failures in governance and risk oversight.\u201d<\/p>\n

Lawsuit to Block AGM<\/strong><\/h2>\n

In a statement, Hagenbuch said he had decided to step down because he did not want his candidacy to \u201cdetract from the important progress we have made throughout the organization, including the ongoing refreshment process this Board has initiated.\u201d<\/p>\n

“Over the past three months, the Board has done a remarkable job maintaining stability at Wynn and managing through a tumultuous time that could easily have caused much deeper disruption to the company\u2019s business,\u201d Hagenbuch said.<\/strong><\/p><\/blockquote>\n

\u201cThere is still more work to be done,\u201d he added.<\/p>\n

While the AGM was scheduled to go ahead today, it\u2019s no dead cert. Last month, Ms. Wynn sued the company to delay the meeting.<\/p>\n

She wanted time to canvass shareholders to help oust Hagenbuch and accused the board of stalling on a request to provide her with a full list of contact details. However, Hagenbuch’s resignation yesterday has removed the main aim of the lawsuit.<\/p>\n","protected":false},"excerpt":{"rendered":"

John \u201cJay\u201d Hagenbuch, the Wynn Resorts director whom Elaine Wynn launched a campaign to oust, announced Tuesday he would not be seeking reelection to the board at the company\u2019s annual general meeting, which was scheduled for today, Wednesday, May 16. Ms. Wynn claimed that Hagenbuch was a crony of Steve Wynn and demanded his removal […]<\/p>\n","protected":false},"author":42,"featured_media":77818,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,21,18],"tags":[],"acf":[],"yoast_head":"\nControversial Wynn Resorts Director Jay Hagenbuch Steps Down<\/title>\n<meta name=\"description\" content=\"Elaine Wynn bid to remove alleged Steve Wynn crony John Jay Hagenbuch from the Wynn Resorts board appears to have succeeded. 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