Wynn Resorts Ltd. has appointed Phil Satre as vice chairman of the board, with the intention of appointing him as chairman by the end of the year.
The appointment comes as part of Wynn Resorts’ settlement with Elaine Wynn, who has been pushing for an expanded and diversified board of directors since her former husband, Steve Wynn’s sexual harassment scandal came to light.
Under the cooperation agreement, Satre will take the role of chairman of the board following the resignation of the current chairman, D. Boone Wayson, which is expected to be “no later than December 31, 2018.”
Satre is currently the president of the National Centre for Responsible Gambling and has served as the chairman and chief executive of Harrah’s Entertainment.
Under the agreement, Elaine Wynn is also not allowed to increase her stake in the company past 9.9 percent, as per customary standstill restrictions.
She has also agreed to not propose any additional directors or seek to accelerate the timeline of Satre’s appointment as chairman.