March 28 (Bloomberg) -- Wynn Resorts Ltd., the casino operator run by billionaire Steve Wynn, said Chief Operating Officer Marc Schorr will retire effective June 1.
Wynn Resorts, which didn’t give specific reasons for Schorr’s departure, said that he told the company of his intention to retire on March 27 and that an agreement was reached that day on departure terms. Schorr also will resign all other positions at the company and its subsidiaries or affiliates, the company said in a filing today.
For a five-year period starting June 1, Schorr will cooperate and be available to consult and assist on matters in which he was involved before his resignation. As part of his resignation terms, Schorr and his dependents will receive health benefits until June 1, 2018, and 200,000 unvested shares granted to him under a restricted stock agreement, and associated accrued dividends, will vest and be payable as of May 31.
Wynn Resorts said earlier this month that its profit may be reduced if former director Kazuo Okada wins a lawsuit challenging the company’s purchase of his shares. Okada, the Japanese billionaire who helped found Wynn Resorts and who resigned last month, plans to continue his fight with Wynn to recover his stock in the Las Vegas-based company.
The company said in December that Schorr, who has been COO since June 2002, and Wynn Macau Ltd. Chief Operating Officer Linda Chen would step down from the board as the company trimmed the committee and increased the number of independent directors.
Schorr was paid total compensation last year of $8.9 million, up from $8.1 million in each of the two previous years, according to the company’s proxy statement filed March 26.
In the fourth quarter, Wynn Resorts posted profit that fell short of analysts’ estimates as business in Macau declined.
Wynn Resorts fell 0.2 percent to $123.93 at 10:04 a.m. in New York. The stock had gained 10 percent this year through yesterday, compared with a 9.6 percent increase for the Standard & Poor’s 500 Index.
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