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Wynn Resorts CEO/Chairman Steve Wynn resigns

Wynn Resorts Ltd. CEO and Chairman Steve Wynn stepped down, with President Matt Maddox assuming the CEO position and director Boone Wayson becoming nonexecutive chairman of the board.

The company's board "reluctantly" announced and accepted Steve Wynn's resignation Feb. 6.

"In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity. As I have reflected upon the environment this has created — one in which a rush to judgment takes precedence over everything else, including the facts — I have reached the conclusion I cannot continue to be effective in my current roles. Therefore, effective immediately, I have decided to step down as CEO and Chairman of the Board of Wynn Resorts, a company I founded and that I love," Steve Wynn said in a statement.

In late January, Steve Wynn was accused of engaging in sexual misconduct against employees and others. Since then, the executive became the subject of a public hearing called for by the Massachusetts Gaming Commission, while Wynn Resorts formed a special committee to investigate the allegations, and received a ratings outlook downgrade from S&P Global Ratings.

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