Wynn poaches IGT’s Satre
Philip Satre has stepped down as chairman of the board at International Game Technology (IGT) to become the new vice-chairman at Wynn Resorts, which has also reached a settlement with its largest shareholder, Elaine Wynn.
IGT confirmed that Satre had resigned as a director with immediate effect.
He joined the IGT board in January 2009 before becoming an independent chairman in December 2009 and then chairman of the board in April 2015.
Vice-chairman Lorenzo Pellicioli will lead the IGT board on an interim basis until its next meeting, when a new chairman will be elected.
Pellicioli thanked Satre for “his dedicated service and many important contributions” and added: “He successfully guided the company through a transformational merger that created the largest gaming company in the world.”
Satre will succeed D. Boone Wayson, who will retire later this year.
“I am proud of our accomplishments and am pleased that someone as outstanding as Phil will succeed me in the role as chairman,” Wayson said.
Elaine Wynn said: “I have long respected Phil as a leader in the gaming industry and am confident that his addition to the company’s leadership team, coupled with the plans laid out by management, will bring the company tremendous success in the years to come.”
Under the $5m (£3.9m/€4.3m) settlement with Elaine Wynn, who has just under nine per cent of the casino operator’s shareholding, she will not be allowed to significantly increase her stake, nominate directors or be part of any groups seeking a takeover of the company until 2020.
The arrangement concludes a battle with the company that started when the ex-wife of former-CEO Steve Wynn was kicked off the board in 2015.
Steve Wynn resigned in February after allegations emerged of sexual harassment. In March, he sold his stake in Wynn Resorts for $2bn. An investigation into allegations of sexual harassment at Wynn Resorts is set to be published by Boston regulators in the coming weeks.
In separate news, IGT last week revealed how a plethora of sports betting deals in the US had helped to drive a 9% year-on-year increase in operating income in the second quarter of 2018.