Wynn Resorts Board Member Moves On
Feb 21st 2013 9:29PM
Updated Feb 22nd 2013 11:01AM
This afternoon, Wynn Resorts announced that Kazou Okada, one of its nine board members, has tendered his resignation. Just weeks ago, the company announced that allegations which Okada brought against the company, pertaining to what he called "improper donations" to the University of Macau, were found to be "unfounded" by the Nevada Gaming Control Board. At that time, the U.S. District Court of Nevada granted Wynn a motion to dismiss a lawsuit pending against the company, which also stemmed from the donation. In conjunction to these issues, Wynn had decided to hold a special meeting of shareholders on Feb. 22 to vote on removing Kazuo Okada from the company's board of directors .
Since then, Okada has attempted to block the vote, but the U.S. District Court for the District of Nevada dismissed the motion, laying the way for the vote scheduled for tomorrow . Wynn Resorts will still hold the meeting, but after today's announcement, the meeting will likely be just for the formalities.
Preliminary results showed 99.7% of the shares which had been voted desired Okada's removal. The company said the overwhelming vote against Okada followed the board deeming him "unsuitable" after an investigation by former FBI Director Louis J. Freeh found evidence of improper conduct under the Foreign Corrupt Practices Act by Okada and affiliated entitites. Additionally, the Institutional Shareholder Services, a proxy advisory firm, recommended shareholders vote to remove Okada.
In the announcement, Steve Wynn, the company's Chairman and CEO, thanked shareholders for their support in removing Okada, and expressed his confidence in the company's pursuit of its growth strategy and future prospects.
The article Wynn Resorts Board Member Moves On originally appeared on Fool.com.Fool contributor Matt Thalman has no position in any stocks mentioned. Follow Matt on Twitter @mthalman5513. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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