US casino operator Wynn Resorts has confirmed that Philip Satre has succeeded D. Boone Wayson as chairman of the company’s board.
Satre joined the board in August as vice chairman, ahead of Wayson's retirement.
Wayson has served as a director of Wynn Resorts since August 2003 and been chairman since February of this year.
"We have ushered in a new era at Wynn Resorts, and I am proud of all the hard work the board, our CEO Matt Maddox and the management team have done to improve the company's culture and corporate governance, while maintaining focus on shareholder value,” said Wayson. “Phil has transitioned seamlessly onto the board, and the time is now right for me to retire. It has been an honor serving this great company, and I know its future is bright."
Commenting on the transition, Satre said: "I am honored to be named chairman of the newly refreshed Wynn Resorts Board and look forward to continuing to support the company's transformation for the benefit of its shareholders and all of its stakeholders."
The Wynn Resorts Board is now comprised of 10 directors, six of whom joined the board in 2018, and four of whom are women.
"We appreciate Boone's contributions to our company since its inception and for his leadership, which was crucial in maintaining stability at Wynn Resorts in 2018,” said Wynn Resorts CEO Matt Maddox. “He was instrumental in driving key initiatives and in our recent board refreshment process. I am pleased to have a director of Phil's caliber to succeed Boone and help Wynn Resorts solidify its position as the premier luxury resort developer and operator in the world."
Shares in Wynn Resorts Limited (NSQ:WYNN) closed in New York Wednesday up 3.92 per cent at $113.99 per share.