Phil Satre to be replaced pro tem by vice chair Lorenzo Pellicioli
International Game Technology plc announced Monday that Phil Satre, chairman of the Board of Directors of IGT, has resigned from that position and as a director effective immediately.
Lorenzo Pellicioli, Vice Chairman of the IGT Board, will lead the Board until its next meeting at which time the Board will elect a new chairman.
In a statement announcing Satre’s departure, Pellicioli said, “On behalf of the Board, I want to thank Phil for his dedicated service and many important contributions. He successfully guided the company through a transformational merger that created the largest gaming company in the world. We wish him continued success as he takes on a new role at Wynn Resorts.”
Wynn Resorts issued its own statement on hiring Satre, with Board chairman D. Boone Wayson saying that Satre joins as vice chairman, and will be appointed chairman when Wayson steps down at the end of the year.
Wayson will remain on the Board as a director.
The company noted that Satre is president of the National Center for Responsible Gaming, and has served in various leadership roles in the gaming industry for more than 25 years, including as chairman and CEO of Harrah’s Entertainment, Inc. and as chairman of the Board of International Game Technology, Nordstrom, Inc., and NV Energy, Inc.
He has also served as a director of Tabcorp Holdings Ltd. and Rite Aid Corporation, and has received numerous accolades, including his election to the American Gaming Association’s Hall of Fame.
“The addition of someone of Phil’s caliber and experience is a significant step forward for Wynn Resorts as we turn the page on the last six months,” said chairman Wayson. “Our goal is to give the management team, led by CEO Matt Maddox, an opportunity to grow and develop this company to its greatest potential. Phil’s insight and guidance will be invaluable as we move forward. I am proud of our accomplishments and am pleased that someone as outstanding as Phil will succeed me in the role as chairman.”
Wayson continued, “This appointment is the result of a collaborative effort with co- founder Elaine Wynn, which I believe will serve as the beginning of a constructive and unified effort by all parties to move the company forward.”
Elaine Wynn, co-founder and the largest shareholder of Wynn Resorts, said, “I have long respected Phil as a leader in the gaming industry and am confident that his addition to the company’s leadership team, coupled with the plans laid out by Management, will bring the company tremendous success in the years to come. Phil’s role as vice chair, and as chairman in the future, will be key to furthering the Wynn Resorts brand as one of the premier destination resort operators in the world.”
Satre said, “I have admired the innovation and excellence that have become the hallmarks of the Wynn brand. I am honored to now have the opportunity to be joining Wynn Resorts at this important time and to play a role in the company’s continued success. I applaud the efforts by Management and the Board to respond to the current challenges faced by this otherwise first-class enterprise. The strength of the current Board of Directors, combined with the leadership of Matt Maddox and his team, give me confidence that the future is bright for Wynn Resorts.”