Wynn Resorts Ltd. said John Hagenbuch, the director Elaine Wynn has been seeking to oust, has decided not to stand for re-election to the company's board at the upcoming annual meeting of stockholders May 16.
Meanwhile, Robert Miller resigned as a board member of the company. Wynn Resorts said the latest departures, combined with the departures announced earlier, mean that 60% of the company's board has changed since the beginning of 2018.
Elaine Wynn, the company's largest shareholder, had urged stockholders to withhold votes from director nominee Hagenbuch at the shareholder meeting, citing close ties between him and former Chairman and CEO Steve Wynn, who left the company in February amid allegations of sexual misconduct. But the resort and casino operator had asked its stockholders to vote in favor of its three independent director nominees — Hagenbuch, Betsy Atkins and Patricia Mulroy.
Elaine Wynn, Steve Wynn's former wife, sued the company earlier in May and urged the court to compel the company to provide her with all the shareholder list materials she is entitled to receive under Nevada law. Her complaint also sought to delay the company's annual meeting.
"I do not want my candidacy to detract from the important progress we have made throughout the organization, including the ongoing refreshment process this board has initiated," Hagenbuch said in the company's statement.
In April, Wynn Resorts added three independent female directors to its board.