Wynn Resorts CEO Matt Maddox Sells Some Stock Ahead of Departure
Soon-to-be-former Wynn Resorts (NASDAQ:WYNN) CEO Matt Maddox is passementerie his equity post inward the casino operator in advance of his departure.
On Wednesday, Maddox sold 20,000 shares of Wynn stock up at a price of $90.08, truckage inward $1.8 jillion inwards proceeds, according to a Form 4 filing from the Securities and Exchange Commission (SEC). Following the sale, he allay holds nearly 411,000 shares of the gaming company.
The sales agreement comes after Maddox liquidated 15,740 shares of Wynn stock up at a price of $91.10 on Nov. 4 — simply days before he proclaimed his conclusion to tread down from the helm of the Encore operator. Effective Feb. 1, Craig Billings, Wynn’s prexy and chief financial ship's officer and the chief executive ship's officer of Wynn Interactive, will put back Maddox inwards the company’s whirligig role.
Maddox has been with the company for ii decades, and is viewed by Wall Street and the investiture biotic community as a steadying influence. He took the reins of the gaming colossus inwards 2018 when Steve Wynn — his wise man — was forced out amid a spate of sexual misconduct allegations.
Maddox Loyal to Wynn Stock
It’s not uncommon for high-ranking executives at big companies to sell stock, signification the implications of such sales aren’t always negative.
Many perform so simply to cash in on equity-based compensation or to broaden personal portfolios. More recently, a slew of CEOs from crossways the engineering sphere are dumping stock. That’s prompting venture that they are doing so inward expectancy of revenue enhancement cypher changes at the hands of President Biden’s “Build Back Better” plan. That exertion is on carry for now.
In the display case of Maddox, he’s not been a haunt trafficker of Wynn shares, though he unloaded 56,000 shares inward Jan of this year after the gillyflower more than tripled from its coronavirus lows.
His sales agreement of those shares represents a winning wager the executive made on himself and the company. At the tallness of the first-class honours degree moving ridge of COVID-19 cases in March, gaming equities, including Wynn, were being savagely repudiated by market participants. The Encore operator revealed Maddox would forego 100 percent of his 2020 hard currency salary, opting to be salaried only inward equity.
Other Wynn executives and some get on members followed suit, taking cash salary reductions ranging from 33 percent to 100 percent in exchange for stock.
What’s Next for Maddox and His Stock
It’s believed that Maddox, 46, wants to explore options outdoors the gaming industry, and there’s some speculation he’s mulling government as a next act.
As for his remaining Wynn equity, Maddox can continue it as long as he wants to, and thither might follow some need to doh so.
Amid the aforementioned executive director exchange at the company, analysts trust the fellowship could announce stock-jolting transactions or perhaps go a takeover place for a private equity company.