One longtime member of Wynn Resorts’ board of directors has resigned and another has withdrawn his name for re-election two days before shareholders are to vote on the board’s makeup at the company’s annual meeting in Las Vegas.
The company announced Monday director John Hagenbuch won’t stand for re-election at the May 16 meeting. It said director Robert Miller also has resigned.
Some shareholders have sued Hagenbuch and other directors alleging breach of fiduciary duties stemming from sexual misconduct allegations against founder Steve Wynn, who has denied the accusations.
The largest shareholder, Elaine Wynn, had urged investors to withhold votes for Hagenbuch.
Board chairman D. Boone Wayson said Monday Hagenbuch’s decision to remove himself from the ballot “to end the distraction of the withhold campaign is a reflection of his loyalty to Wynn Resorts” and commitment to its success.