Penn Entertainment, Inc. has announced a significant board refreshment, with the intention to nominate Johnny Hartnett and Carlos Ruisanchez for election to its board of directors. Ron Naples has retired from the board, and Barbara Shattuck Kohn and Saul Reibstein will not stand for reelection at the 2025 annual meeting of shareholders. The board now comprises eight directors, seven of whom are independent.
Carlos A. Ruisanchez, the Chief Executive Officer of Sorelle Capital and President of Sorelle Hospitality, is one of the nominees. He previously served as the President and Chief Financial Officer of Pinnacle Entertainment, Inc., and was a senior managing director at Bear Stearns & Co., Inc. He is currently an independent board member of Cedar Fair Entertainment Company.
The other nominee, Johnny Hartnett, joined the board of Superbet Group in January 2024, following a successful tenure as the company's Chief Executive Officer. Before this, he spent 20 years working in the Flutter Group, holding multiple leadership positions, including Chief Operating Officer of Sportsbet (Australia) and Managing Director of Paddy Power Betfair Online.
Penn Entertainment, Inc. operates in 28 jurisdictions throughout North America, with a diversified portfolio of casinos, racetracks, and online sports betting and icasino offerings under well-recognized brands such as Hollywood Casino®, L’Auberge®, ESPN Bet™, and theScore Bet Sportsbook and Casino®. The company's ability to leverage its partnership with ESPN and its ownership of theScore™ is central to its strategy to expand its footprint and grow its customer ecosystem.
The company's portfolio is further bolstered by its industry-leading Penn Play™ customer loyalty program, offering its approximately 32 million members a unique set of rewards and experiences.
In light of this board refreshment, Penn Entertainment, Inc. is poised to benefit from the relevant expertise and experience of the new directors as it enters a critical phase for the business. The company remains focused on realizing significant value creation opportunities, particularly within its interactive segment. Following these announcements, the company's shares moved -0.9%, and are now trading at a price of $16.0. For more information, read the company's full 8-K submission here.
