Penn Entertainment Rebalances Its Board of Directors Composition
Revamped Rewrite
PENN Entertainment's shaking things up, folks! The company's announced they're gonna nominate two new cats for their Board of Directors - Johnny Hartnett and Carlos Ruisanchez. This decision comes after chats with HG Vora Capital Management, LLC. With that said, Ron Naples is stepping down, effective immediately.
Barbara Shattuck Kohn and Saul Reibstein won't be standing for re-election at the 2025 Annual Meeting of Shareholders. The Board is currently eight members, seven of which are independent.
Two Fresh Faces for PENN
After careful consideration by the Board's Nominating and Corporate Governance Committee, they're planning to nominate Hartnett and Ruisanchez to fill the two Class II director spots. Up for grabs at the Annual Meeting.
Here's the deal: the Board reckons a proxy battle ain't in PENN and its shareholders' best interests. Here's their take:
"We're stoked to get Hartnett and Ruisanchez’s fresh perspectives as we dive into a crucial phase for the business. The Board's convinced there's heaps of opportunity for value creation at PENN, particularly within our Interactive segment. Hartnett and Ruisanchez bring killer gaming expertise and experience, both digital and retail, that line up with the Board's priorities and are tailored to the opportunities ahead. While we couldn't come to an agreement with HG Vora, we appreciate their insights and look forward to keeping the lines of communication open with all of our shareholders. We wanna thank Ron, Saul, and Barbara for their countless years of outstanding service to the Board and our Company, and we're raring to hit the ground running with our new directors to boost profits for PENN shareholders."
Who's Carlos Ruisanchez?
Carlos A. Ruisanchez is the CEO of Sorelle Capital and President of Sorelle Hospitality, two firms focused on investing and developing hospitality, consumer, and real estate businesses. Before Sorelle, he served as President and CFO of Pinnacle Entertainment, a leading gaming company, until its sale in 2018. Ruisanchez joined Pinnacle in 2008 as an exec in charge of strategic planning and development. He became Pinnacle's CFO in 2011, then President and CFO in 2013, and made it onto the board in 2016.
Before Pinnacle Entertainment, Ruisanchez was a big cheese at Bear Stearns & Co., Inc., where he held various positions from 1997 to 2008. He now serves as an independent board member of Cedar Fair Entertainment Company.
Meet Johnny Hartnett
Johnny Hartnett hopped onto the board of Superbet Group in January 2024, following a kick-ass stint as its CEO from 2019 to 2023. During his tenure, Superbet saw impressive market growth, and introduced Happening, its reliable tech company. Before Superbet, Hartnett spent 20 years at Flutter Group, helming various leadership roles, including COO of Sportsbet Australia and MD of Paddy Power Betfair Online.
Insights:- Johnny Hartnett, with his digital gaming expertise, will help PENN expand its Interactive segment.- Carlos Ruisanchez, with his background in financial strategy and M&A, will assist PENN in optimizing its gaming portfolio.- Both appointees aim to drive PENN’s digital transformation amid shareholder pressure to improve performance.
- The gaming industry is set to benefit from the addition of Johnny Hartnett and Carlos Ruisanchez to PENN Entertainment's Board of Directors, who are set to join in 2025.
- Carlos Ruisanchez, a seasoned executive with experience in gaming, hospitality, and real estate businesses, previously served as President and CFO of Pinnacle Entertainment, a casino company.
- In the finance world, Ruisanchez's appointment to PENN's Board is expected to help the company optimize its gaming portfolio and drive its digital transformation.
- With his expertise in digital gaming, Johnny Hartnett is poised to bolster PENN's Interactive segment, having previously served as CEO of Superbet Group.
- The 2025 additions of Hartnett and Ruisanchez are strategic moves for PENN Entertainment, as they attempt to boost profits for their shareholders, particularly in response to pressure to improve performance in the technology-driven business landscape.
