Wynn seeks to remove Okada from firm’s Board

A two-thirds vote is required to remove Okada, whose shares were seized by the company this year. The company also said it will reduce the number of board members to nine from 12 and increase the ratio of independent directors. If Okada is removed, the total will be eight.

“By streamlining the board and eliminating an unsuitable director, the company will be well positioned to capitalize on the enormous opportunities in the market and execute our ambitious expansion plans,” Wynn said in the statement.

Wynn climbed 0.7 percent to us$ 114.22 at the close in New York, before the announcement. The shares have gained 3.4 percent this year.

Okada, chairman of Tokyo-based pachinko machine maker Universal Entertainment, and Wynn, have been battling for more than a year. Wynn Resorts declined to invest in a Philippine casino project championed by Okada, who voted against Wynn Resorts’ us$ 135 pledge to a Macau university foundation last year.

Wynn Resorts hired former FBI Director Louis Freeh to investigate Okada’s dealings with public officials. It seized Okada’s us$ 1.9 billion stake in the company in February at a 30 % discount to its market value.