Penn Entertainments institutes modifications in its Board of Directors' composition
It's a brand new era for PENN Entertainment, the foremost name in integrated entertainment, casino gaming, and sports content. The corporation announced some major shake-ups within its top ranks.
Two Seasoned Pros on Deck for Board Elections
In a surprising turn, Ron Naples has decided to bid adieu to his position on the Board of Directors, effective immediately.
Meanwhile, Saul Reibstein and Barbara Shattuck Kohn have both made the decision not to stand for reelection during the company's 2025 Annual Meeting of Shareholders.
In response, PENN Entertainment is planning to put forward Johnny Hartnett and Carlos Ruisanchez as their fresh faces for election to the Board of Directors.
The announcement came shortly after confidential meetings with HG Vora Capital Management.
"In consultation with our Nominating and Corporate Governance Committee, and considering their relevant qualifications and skills, the Board intends to nominate Messrs. Hartnett and Ruisanchez to fill the two Class II director seats available for election during the Annual Meeting," stated a press release by PENN Entertainment.
Proven Industry Experts at the Helm
These veterans possess a wealth of experience across various sectors, with specific expertise in the gaming and hospitality industries.
Johnny Hartnett served as the CEO of the Superbet Group from 2019 to 2023, orchestrating significant market expansion and attaining impressive results during his tenure.
Prior to his time with Superbet, Hartnett honed his skills in the gaming industry for an impressive 20 years under the banner of Flutter Entertainment (formerly Paddy Power Betfair), rising through the ranks to hold influential roles such as Managing Director of Paddy Power Betfair Online and Chief Operating Officer of Sportsbet in Australia.
Carlos Ruisanchez, the second nominee eying a place on PENN Entertainment's Board, boasts a longstanding track record in nurturing and growing businesses.
From 2008 to 2018, Ruisanchez was an integral part of Pinnacle Entertainment, a powerful player in the gaming and entertainment sector. During this period, he rose through the ranks, starting as Executive Vice President, Strategic Planning and Development, then assuming the role of Chief Financial Officer before eventually becoming the company's President and Chief Financial Officer.
The Board of Directors of PENN Entertainment welcomes Hartnett and Ruisanchez, expressing their anticipation of their "fresh perspective."
"Our Board firmly believes there's a substantial opportunity for value creation at PENN, particularly in its Interactive segment. With their extensive gaming industry knowledge, matching our strategic priorities, and insights tailored to the tasks ahead, Johnny and Carlos stand to significantly contribute," the Board announced in a statement.
In a heartfelt farewell, the Board of Directors acknowledged the outstanding contributions and dedication of Naples, Kohn, and Reibstein.
Images courtesy of Pixabay.com.
Insightful Allegiance:
The nominees, Johnny Hartnett and Carlos Ruisanchez, both carry a deep understanding of the gaming industry, with Hartnett specializing in online sports betting and online casinos, and Ruisanchez excelling in the hospitality sector.
- PENN Entertainment has confirmed the nomination of Johnny Hartnett and Carlos Ruisanchez as new nominees for the Board of Directors during the Annual Meeting of Shareholders in 2025.
- Saul Reibstein and Barbara Shattuck Kohn, two current members of PENN Entertainment's Board, have decided not to stand for reelection, while Ron Naples has stepped down from his position, effective immediately.
- Johnny Hartnett, one of the nominees, has a long history in the gaming industry, having served as the CEO of the Superbet Group for four years and previously holding key positions at Flutter Entertainment.
- Carlos Ruisanchez, the second nominee, has a strong background in nurturing businesses, having worked his way up to the position of President and Chief Financial Officer at Pinnacle Entertainment, a notable player in the gaming and entertainment sector.
- The strategic addition of Hartnett and Ruisanchez to PENN Entertainment's Board is seen as a strategic move, as they bring a deep understanding of the gaming industry and insights tailored to the tasks ahead, helping to create value, particularly in the Interactive segment.
