Wynn Resorts chairman explains Matt Maddox’s departure

The chairman of the board of directors, Phil Satre, has provided more details about Maddox’s reasons for stepping down as CEO.

US.- Wynn Resorts’ chairman, Phil Satre, has spoken about CEO Matt Maddox’s departure from the company. In his statement, he suggested that Maddox wanted to explore opportunities outside of gaming. In early November, Wynn Resorts announced that Craig Billings, CEO of Wynn Interactive, will replace Maddox, who will leave the company on January 31.

Satre said: “As often happens with talented people, they have their own plans. Matt has been with the company for 20 years and is 46 years old; any future contract extension would have bound him to the company until he was in his 50s.

“Matt wants to explore opportunities outside of gaming and now is the right time for him to do that from a career standpoint. I commend him for it, even as I regret it. Matt led our company through two of the most fundamentally challenging events any executive could possibly expect: the abrupt departure of a founder and a pandemic. 

“Most companies would hope to emerge merely intact, at best, on the other side of those events. Remarkably, Matt’s stewardship resulted in a Wynn Resorts stronger and more stable than it has ever been.”

Billings has served as president and CFO of Wynn Resorts. He was unanimously chosen by the board to become the group’s next CEO and a member of the board effective in February 2022.

See also: Wynn makes Fortune’s 2021 Most Admired Companies list