Okada steps down from Wynn Resorts board.
Las Vegas-based casino and hotel operator Wynn Resorts Ltd (NASDAQ: WYNN) said that Kazuo Okada has resigned from its board of directors. As a result, the Wynn Board will be reduced to eight directors, including six independent directors.
The company said it will hold its special meeting at which stockholders are voting on a proposal to remove Okada from the board of directors.
Preliminary results received to date show that 99.7% of the shares voted have voted for Okada's removal.
According to Wynn, Okada was deemed unsuitable by the Wynn Resorts board after a lengthy investigation by former FBI director Louis J. Freeh uncovered evidence of improper conduct by Okada and affiliated entities under the Foreign Corrupt Practices Act in connection with their dealings with Philippine officials.
Wynn Resorts operates the Wynn Las Vegas and Encore in Las Vegas and a resort in Macau.
Find out more at www.wynnresorts.com.
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|Date:||Feb 25, 2013|
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