In the latest tit-for-tat between HG Vora and Penn Entertainment (NASDAQ: PENN), the casino operator on Tuesday issued an addendum to a fact sheet released on May 15 in which it says the hedge fund’s latest presentation mischaracterizes the gaming company’s executive compensation scheme.
In a May 21 presentation entitled “Genuine Change Is Needed At PENN,” the activist investor chides the regional casino firm for overpaying CEO Jay Snowden, allowing him and other executives “excessive” use of private jets for personal reasons, while the stock price languished.
Executive perks like outsized private jet use signal a culture of entitlement and detachment from shareholders. At a time when the company’s interactive segment is losing money and returns are down, this behavior raises serious questions,” according to the Vora presentation.
Penn contests those claims, saying the activist investor is attempting to generate attention. Vora is attempting to procure three seats on the Penn board when the gaming company holds its annual meeting on June 17.
“We understand that claims of management enriching themselves with excessive compensation, personal use of corporate aircraft, or timely insider selling are attention-grabbing headlines; however, HG Vora’s claims are simply not based on the...
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