Penn National Gaming CFO Fair stepping down next year
Penn National Gaming’s chief financial officer announced plans to step down from his position, citing personal family issues.
William J. “BJ” Fair is set to step down from his role as CFO and executive vice president after March 31, when his employment contract term expires.
“This was a very difficult decision, but the timing was right in terms of my expiring contract, and it enables me to focus on some recent personal family issues,” Fair said in a Thursday statement from Penn National, the Pennsylvania-based operator of the Tropicana Las Vegas and M Resort in Las Vegas.
Fair first joined the company as senior vice president and chief development officer in 2014 before moving to his current roles in 2017. The statement said Fair agreed to stay on through the end of the first quarter to give the company time to search for his successor.
According to the statement, Fair helped lead the company’s efforts to acquire the Tropicana.
“I am proud of the significant milestones achieved during my time at Penn National,” Fair said in the statement. “I look forward to working with my successor to facilitate a smooth handover and remain confident in Penn National’s continued success.”
Fair’s announcement comes shortly after CEO Tim Wilmott announced plans to retire at the end of the year. President and Chief Operating Officer Jay Snowden is set to fill the role on Jan. 1.
According to a note from SunTrust Robinson Humphrey analyst Barry Jonas, Fair’s transition “makes sense” given the pending CEO change.
“We expect a relatively seamless transition both operationally and with the Street,” Jonas said in the note. “While Mr. Fair will operate under a noncompete for up to two years after his departure, we would not be surprised to see him ultimately reemerge whether within the gaming, real estate, or skiing industries given his prior experience and relatively young age.”
Fair will receive two years of base salary as severance payment as well as a bonus equal to 1.5 times the average of his prior two annual bonuses, according to Jonas.
Contact Bailey Schulz at bschulz@reviewjournal.com or 702-383-0233. Follow @bailey_schulz on Twitter.