Following Steve Wynn’s resignation amid mounting allegations of a pattern of sexual misconduct toward his Las Vegas employees, a somewhat surprising announcement has arrived. Wynn Resorts will not be handing a severance package to their disgraced founder and CEO after he walked out the door. CNN Money reports that, had Wynn been fired, he “would have been owed hundreds of millions,” but Wynn reportedly agreed to decline a golden parachute and any form of exit bonus or compensation.
However, Wynn certainly isn’t walking away as a destitute man. Despite a lack of a goodbye bonus, he’s still walking away with a tidy chunk of company stock, and of course, he’s already an obscenely wealthy man:
Still, Wynn is walking away with 12.1 million shares of the company’s stock, worth about $2 billion. It has lost about $443 million in value since the allegations became public. He cannot sell more than one third of those shares in any one quarter. He has stated he has no intention at this time to sell shares.
Wynn was paid handsomely as CEO. The company has yet to disclose his pay package for last year. But his total compensation for 2016 came to $28.2 million, and over the last five years of reported income his total compensation came to $111.6 million.
This lack of a severance package may seem shocking after Fox News reportedly gave Bill O’Reilly a “staggering” golden parachute that amounted to tens of millions of dollars amid his own mounting sexual harassment allegations. However and amid the #MeToo movement, Matt Lauer was denied a salary payout following his termination by NBC. It looks like Wynn Resorts wanted to make a statement as well.
Yet Wynn won’t be hurting financially at all, even though the RNC has decided to keep his substantial donations because he wasn’t technically found guilty of sexual misconduct in a court of law.
(Via CNN)