Business
Leading Proxy Advisory Firm Glass Lewis Recommends Shareholders Vote "FOR" Both of PENN Entertainment’s Director Nominees on the WHITE Proxy Card
WYOMISSING, Pa., June 09, 2025--PENN Entertainment, Inc. (Nasdaq: PENN) ("PENN" or the "Company") today announced that leading independent proxy advisory firm Glass, Lewis & Co. ("Glass Lewis") has recommended that shareholders vote "FOR" PENN’s two director nominees – Johnny Hartnett and Carlos Ruisanchez – on the Company’s WHITE proxy card in connection with the Company’s upcoming 2025 Annual Meeting of Shareholders (the "Annual Meeting") on June 17, 2025.
About this update from Penn Entertainment, Inc.
[{"type":"text","content":"Report Highlights the Company’s Extensive Review of HG Vora’s Nominees and Highly-Qualified, Refreshed Board","length":108,"tagName":"p","attribs":{}},{"type":"text","content":"Recommendation Makes Clear There Are Two Director Seats Available for Election to the Company’s Board, and that PENN and HG Vora Support the Same Two Nominees – Johnny Hartnett and Carlos Ruisanchez","length":198,"tagName":"p","attribs":{}},{"type":"text","content":"WYOMISSING, Pa., June 09, 2025--(BUSINESS WIRE)--PENN Entertainment, Inc. (Nasdaq: PENN) ("PENN" or the "Company") today announced that leading independent proxy advisory firm Glass, Lewis & Co. ("Glass Lewis") has recommended that shareholders vote "FOR" PENN’s two director nominees – Johnny Hartnett and Carlos Ruisanchez – on the Company’s WHITE proxy card in connection with the Company’s upcoming 2025 Annual Meeting of Shareholders (the "Annual Meeting") on June 17, 2025.","length":533,"tagName":"p"},{"type":"text","content":"In its report dated June 9, 2025, Glass Lewis noted:1","length":53,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":""… the addition of Hartnett and Ruisanchez appears likely to enhance board oversight of PENN’s capital allocation and digital strategy..."","length":148,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":""Based on our review, we believe certain aspects of Clifford’s profile may overlap with existing or anticipated members of the board … the board’s assertion that his background is not sufficiently differentiated – and its unanimous decision not to support him despite backing two other dissident nominees – raises questions as to whether he would bring distinctive value at this time."","length":395,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":""… we do not find sufficient evidence that the board acted in bad faith or with the primary purpose of entrenchment. The Company did evaluate all three HG Vora nominees, including through interviews, and provided detailed rationale for its decisions."","length":261,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":""PENN operates in the highly regulated gaming industry, where director nominees must undergo multi-jurisdictional licensing reviews. These constraints ...