International edition
September 19, 2021

The firm announces executive management changes

Pinnacle Entertainment CEO Dan Lee resigns from the company

(US).- Pinnacle Entertainment announced that Daniel R. Lee has resigned as Chairman, CEO and Director of the company to pursue other business interests. Richard J. Goeglein has been named interim nonexecutive chairman and John V. Giovenco has been named interim CEO.

M

essrs. Goeglein and Giovenco, both board members, will oversee the company's operations while the board conducts an executive search for a new president and CEO.

Goeglein, the company's lead director, joined Pinnacle's board in 2003 and previously served as a director from 1997 to 1998. He held a succession of senior executive positions with Holiday Corporation, the global hotel and casino company that operated the Holiday Inn, Harrah's Hotels and Casinos, Hampton Inns and Embassy Suites businesses.

In addition to serving as president of Holiday Corporation from 1984 to 1987 and executive vice president and a director from 1978 to 1984, Goeglein was president and chief executive officer of Harrah's Hotels and Casinos from 1980 to 1984. In addition, he served as president from 1997 and chief executive officer from 2000 of Aladdin Gaming, LLC and Aladdin Gaming Holdings, LLC, the developer and operator of the Aladdin Resort & Casino on the Las Vegas Strip until 2001. He currently serves as owner and managing member of Evening Star Holdings, LLC, a strategic consulting and travel-services company.

Giovenco joined Pinnacle's board in 2003. Prior to his retirement, he was president and chief operating officer of Sheraton Hotels Corporation, the worldwide hotel and gaming unit of ITT Corp. From 1985 to 1993, Giovenco was president and chief operating officer of Hilton Gaming Corporation, which expanded and developed into one of the industry's largest and most successful gaming operations.

In addition to heading Hilton's gaming operations, Giovenco also served as a director from 1980 to 1992, and was CFO from 1974 to 1985. He began his financial career as a certified public accountant with Harris, Kerr, Forster, the predecessor firm to PKF International. From 1979 to 1993, Giovenco also served as a director of Great Western Financial Corporation.

"We want to extend sincere thanks to Dan Lee for his seven years of leadership in transitioning Pinnacle Entertainment from a small casino company to a developer and operator of world-class gaming entertainment properties," Mr. Goeglein said. "As Pinnacle embarks on a new phase, we will continue to focus on building lasting shareholder value, supported by our diverse portfolio of gaming properties and a solid balance sheet."

Giovenco said, "We are fortunate to have a strong senior management team, more than 8,000 dedicated employees, and a board of directors with extensive experience in casinos, hotels and other disciplines that are key to Pinnacle's future."

In addition, the company announced that the board's executive committee has been reconstituted. He will serve as chairman of the committee, which also will include  Goeglein; Ellis Landau, retired executive vice president and chief financial officer of Boyd Gaming Corp.; and Bruce A. Leslie, a partner at the law firm of Armstrong Teasdale LLP. The executive committee will assist Giovenco during the transition period.

The newly formed executive search committee will be headed by director James L. Martineau, founder of Viracon, Inc., a division of Apogee Enterprises, a major glass design and development corporation. The search committee also will include Leslie; Steve Comer, former managing partner of Deloitte & Touche's Nevada operations; and Michael Ornest, a private investor and one of the board's longest-serving directors.

What is your opinion about this article?
  • I like it
    %
    0 votos
  • I don't like it
    %
    0 votos
  • I have not thought about it
    %
    0 votos
Leave your comment
Newsletter Subscription
Subscribe to receive the latest news and updates
Enter a valid email
Complete the captcha
Thank you for registering to our newsletter.
Follow us on Facebook