PENN Entertainment, Inc. has announced its plan to nominate Johnny Hartnett and Carlos Ruisanchez for election to its Board of Directors following discussions with HG Vora Capital Management, LLC. Ron Naples has informed the Board that he will retire from the Board, effective immediately.
Barbara Shattuck Kohn and Saul Reibstein have also notified PENN Entertainment that they will not stand for reelection at the 2025 Annual Meeting of Shareholders. The Board now comprises eight directors, seven of whom are independent.
Johnny Hartnett, Carlos Ruisanchez To Fill PENN’s Two Class II Director Seats
PENN Entertainment Shuffles Board of DirectorsMore importantly, the Board believes a proxy battle is not in the best interests of PENN and its shareholders. The Board issued the following statement:
“We look forward to benefitting from Johnny’s and Carlos’s fresh perspectives as we enter into a critical phase for the business. The Board continues to believe there is significant opportunity for value creation at PENN, particularly within our Interactive segment. Johnny and Carlos bring critical expertise and experience in the gaming industry, across both digital and retail, that are aligned with the Board’s priorities and are tailored to the opportunities in front of us. While we were unable to reach an agreement with HG Vora, we thank them for their input and look forward to continued engagement with all of our shareholders. We thank Ron, Saul, and Barbara for their many years of distinguished service to the Board and our Company, and we are eager to begin working with our new directors to drive profitable growth for the benefit of all PENN shareholders.”
Carlos Ruisanchez
Carlos A. Ruisanchez is the Chief Executive Officer of Sorelle Capital and President of Sorelle Hospitality, family office firms focused on investing and developing hospitality, consumer, and real estate businesses.
Prior to Sorelle, he served as President and Chief Financial Officer of Pinnacle Entertainment, Inc., a leading online gaming company, until its sale in 2018.
PENN Entertainment Shuffles Board of Directors PENN Entertainment Shuffles Board of DirectorsJohnny Hartnett
Johnny Hartnett joined the board of Superbet Group in January 2024, after a successful mandate as Chief Executive Officer of the company from 2019 through 2023.
Under Hartnett’s leadership, Superbet produced exceptional results in market growth, transformed its proprietary product and technology platforms, and established Happening, the Group’s reliable tech company.
PENN Entertainment Shuffles Board of Directors
