It seems like Elaine Wynn has not given up on her battle and apparently she would do her best in order to be re-elected as a board member since Steve Wynn, the CEO of Wynn Resorts, put considerable amount of efforts in unseating her from the board of directors. Elaine Wynn is a co-founder of Wynn Resorts together with her ex-husband Steve Wynn.
On Monday, the shareholders of Wynn Resorts submitted an appeal for eliminating some of the board members, including Elaine Wynn. That made her submit a letter to the shareholders yesterday. In addition, she launched a website called elaineforwynn.com, which made people with knowledge on the matter believe that she was going to conduct an online campaign in order to achieve her goal.
Ms. Wynn is currently attempting to be re-nominated as a board member and keep the position she has been taking since 2002. The final decision will be announced on the annual meeting of Wynn Resorts officials that is to take place on April 24th.
In the so-called “fight-letter” she wrote that the decision of the board to eliminate the female presence was quite shocking given that the business world was currently undergoing diversification.
She revealed that she thought the other board members would point to various more or less important reasons for stripping her board membership. She suspected that they will draw arguments such as conflict of interest or making unimportant contributions to company’s well-being.
Back in 2010, Steve and Elaine Wynn divorced and as a result, Ms. Wynn gave her consent to obey with certain restrictions such as prohibition of selling company’s stock on her own.
Steve Wynn said that he decided to take such an action in order to protect the company from issues that might have arisen as at that time, the Japanese businessman Kazuo Okada was a major stakeholder of Wynn Resorts.
Back in 2012, Mr. Okada had to redeem his stock as he was accused of having participated in bribery schemes. Back then, Ms. Wynn believed that Okada’s leaving has put her board membership in unfavorable position and sued to lift the imposed restrictions.
And now, it looks like the strongest argument of Ms. Wynn is the complacency of the board. She wrote that back in 2012, when she was re-elected the board members did not raise the question about the conflict of interests and did not regard the lawsuit as a threat.
