Wynn Resorts, Limited (NASDAQ:WYNN) stock was soaring today on news of CEO Steve Wynn’s resignation.

The announcement from Wynn Resorts, Limited notes that Steve Wynn is leaving both his CEO and Chairman of the Board of Directors roles. Taking over the CEO position is current President Matt Maddox.

Replacing Wynn on the company’s Board of Directors is Boone Wayson. He will be serving as the Non-Executive Chairman of the Board. Wynn’s resignation, as well as the other changes in roles at the company, are effective immediately.

Steve Wynn had this to say in the resignation announcement.

“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.”

The negative publicity that Steve Wynn speaks about in his statement comes from claims of sexual misconduct. These allegations were made by several women and published in a piece by the Wall Street Journal late last month. WYNN stock had fallen roughly 18% as of Tuesday since the accusations were made.

Steve Wynn also resigned from his position as the Republican National Committee finance chair shortly after the accusations were made.

WYNN stock was up 8% as of noon Wednesday.

As of this writing, William White did not hold a position in any of the aforementioned securities.