Wynn Resorts: Steve Wynn Not Entitled to Severance Package

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Steve Wynn of Wynn Resorts, Limited (NASDAQ:WYNN) is reportedly not entitled to severance package as he exits the company he helped build.

Steve WynnThe former CEO’s resignation last month came following a slew of sexual misconduct allegations, which will cost him a golden parachute that may have netted him up to $330 million. Wynn Resorts announced the move in a filing with the SEC Friday that notes its founder and CEO “is not entitled to any severance payment or other compensation from the Company under the employment agreement.”

Nevertheless, Steve Wynn will still be one of the richest men in the country despite the lack of severance pay as his net worth is reported to be worth more than $3.4 billion, while his total compensation for 2016 reached $28.2 million. Over the last five years, he has netted $111.6 million in earnings as the head of the company.

As part of his exit, the former Wynn Resorts leader agreed that he will not compete against his former company for at least two years. His personal residence at the Wynn Las Vegas will no longer be his either as the lease will be terminated on June 1, 2018.

Wynn will also lose his administrative aids on May 31 and will have to seek new health care coverage starting Dec. 31. He also claims that the sexual misconduct allegations made against him are false.

WYNN stock gained 0.7% on the news.


Article printed from InvestorPlace Media, https://investorplace.com/2018/02/wynn-resorts-steve-wynn/.

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