PENN Entertainment Shuffles Board of Directors
PENN Entertainment, Inc. has unveiled a strategic move to nominate Johnny Hartnett and Carlos Ruisanchez for election to its Board of Directors, following discussions with HG Vora Capital Management, LLC. In a pivotal shift, Ron Naples has notified the Board of his immediate retirement.
Barbara Shattuck Kohn and Saul Reibstein have also chosen not to seek reelection at the upcoming 2025 Annual Meeting of Shareholders. Consequently, the Board will now consist of eight members, seven of whom are independent, reinforcing its commitment to governance transparency.
Nominating New Leadership: Hartnett and Ruisanchez
The Board’s Nominating and Corporate Governance Committee has thoroughly vetted candidates and intends to nominate Mr. Hartnett and Mr. Ruisanchez to occupy the two Class II director seats available for election at the Annual Meeting.
The Board strongly believes that entering into a proxy battle would not serve the best interests of PENN and its shareholders. In a statement reflecting this philosophy, the Board noted:
“We are enthusiastic about the strategic insights Johnny and Carlos will bring as we navigate a crucial phase for our business. The Board is confident that there are vast opportunities for value creation within PENN, particularly in our Interactive segment. Both Johnny and Carlos possess essential expertise in the gaming industry—spanning both digital and retail sectors—that aligns with our strategic objectives and prioritizes the significant opportunities ahead. Although we could not reach a consensus with HG Vora, we appreciate their input and anticipate ongoing collaboration with all our shareholders. We also extend our gratitude to Ron, Saul, and Barbara for their dedicated service to the company and look forward to harnessing the expertise of our new directors to promote profitable growth for all PENN shareholders.”
Profile of Carlos Ruisanchez
Carlos A. Ruisanchez serves as the Chief Executive Officer of Sorelle Capital and President of Sorelle Hospitality, where he spearheads investments in the hospitality, consumer, and real estate sectors.
Previously, he held the role of President and Chief Financial Officer at Pinnacle Entertainment, a prominent player in the gaming entertainment industry, until its acquisition in 2018. Ruisanchez’s journey with Pinnacle began in 2008 as Executive Vice President of Strategic Planning and Development. He ascended to Chief Financial Officer in 2011 and was appointed President in 2013, becoming a board member in 2016.
Before his tenure at Pinnacle, Ruisanchez served as Senior Managing Director at Bear Stearns & Co., Inc., contributing various leadership roles from 1997 to 2008. His extensive experience is further solidified by his position as an independent board member of Cedar Fair Entertainment Company.
Highlights of Johnny Hartnett
Johnny Hartnett joined the board of Superbet Group in January 2024, following a successful tenure as Chief Executive Officer from 2019 to 2023.
Under his leadership, Superbet achieved remarkable market growth and overhauled its proprietary product and technology platforms, laying the groundwork for the establishment of Happening, the Group’s tech subsidiary dedicated to enhancing operational efficiency.
Prior to his role at Superbet, Hartnett accumulated over two decades of experience at Flutter Group, where he held key positions, including Chief Operating Officer of Sportsbet (Australia) and Managing Director of Paddy Power Betfair Online.
Conclusion
The strategic nomination of Johnny Hartnett and Carlos Ruisanchez marks a significant moment for PENN Entertainment as it aligns with the pursuit of innovative leadership and growth opportunities within the competitive gaming landscape. With a focus on value generation, the new board members are poised to leverage their extensive expertise to navigate the intricate dynamics of the industry, driving PENN toward a prosperous future.
Jose Del Pozo
Jose is a seasoned iGaming analyst with over a decade of experience in the sector. He has contributed to various casino and betting platforms, including Pokerlistings, Casinobee, and Betpack, sharing valuable insights on the future of the iGaming market.
