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
Following review by the Board’s Nominating and Corporate Governance Committee, the Board intends to nominate Mr. Hartnett and Mr. Ruisanchez to fill the two Class II director seats available for election at the Annual Meeting.
More 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.
Ruisanchez joined Pinnacle in 2008 as Executive Vice President, Strategic Planning and Development. He became Pinnacle’s Chief Financial Officer in 2011, President and Chief Financial Officer in 2013, and board member in 2016.
Before joining Pinnacle Entertainment, Inc., Ruisanchez was Senior Managing Director at Bear Stearns & Co., Inc., where he held multiple positions from 1997 to 2008. He is an independent board member of Cedar Fair Entertainment Company.
Johnny 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.
Prior to joining Superbet, Hartnett spent 20 years working in the Flutter Group, where he held multiple leadership positions as COO of Sportsbet (Australia) and MD of Paddy Power Betfair Online.
Jose is an iGaming analyst with wide experience within the sector. He has been working as content writer on casino and betting websites for more than 10 years, contributing on websites like Pokerlistings, Casinobee, Betpack among others, sharing his insights and perspective for the future ofthe iGaming market.
