After Incidents Across Years, a CEO’s Sudden Exit

Agenda reports on the “sudden” departure of Matt Maddox from Wynn Resorts after a now-revealed series of troubling behavior over a longer period. Despite the dismissal for what in any other position would be considered “cause,” the official position is that it was a voluntary departure: “Mr. Maddox’s decision to step down as CEO was his own, and it was made on his own terms,” according to representatives for Wynn. “Mr. Maddox accepted a unanimous request from the Board to remain involved through the end of 2022.”

As boards navigate an increasingly complex environment for reputational risk and the potential harm to corporate standing and to shareholders that executives’ behavior can trigger, directors have to determine how best to counsel company leaders about their on- and off-the-clock conduct throughout their tenure.

Agenda – After Incidents Across Years, a CEO’s Sudden Exit

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