Former plaintiff reacts to Wynn resignation

Steve Wynn can be out at Wynn Resorts. however he’s not leaving empty handed.

At the very least he leaves with 12.1 million shares of the casino operator. He’s already richer for resigning — Wynn’s stock rose nearly 8% early Wednesday after the company announced his departure. of which jump added about $154 million to his net worth — not a bad exit package in its own.

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the idea’s not clear how much Wynn will get on his way out the door — if anything. however the company hinted of which Wynn will get some kind of severance. “Details of Mr. Wynn’s separation agreement will be disclosed when they are finalized,” the company said in a press Discharge.

If Wynn had been fired “without cause,” he would likely have taken home nearly $250 million, according to his contract.

Wynn’s stake can be today worth about $2.1 billion. of which’s still down about $300 million coming from where the idea stood before the allegations of sexual misconduct were spelled out by Wall Street Journal last month. The stock plunged after Journal published its story.

Although Wynn has called the allegations “preposterous,” he announced his departure coming from the company late Wednesday, saying of which “I have reached the conclusion I cannot continue to be effective in my current roles.”

Related: Steve Wynn steps down as CEO of Wynn Resorts after misconduct allegations

some other executives collected large severance packages after losing their jobs because of sexual harassment allegations. For example, former Fox News President Roger Ailes received $47 million in severance when he left 21st Century Fox (FOX), according to court filings.

Laurent Potdevin, who headed athletic clothing company Lululemon (LULU), received a $5 million exit package after violating a company conduct policy.

Related: Vegas newspaper staffers reject claim of which Wynn story was a hit

The Wynn Resorts statement Wednesday did not suggest of which the idea considered Wynn guilty of any misconduct. the idea referred to him as “an industry giant…a philanthropist along having a beloved leader along with visionary.” along with the idea said the idea was reluctantly announcing of which the idea had accepted his resignation. the idea made no mention of the internal investigation into the sexual misconduct allegations of which the company said the idea had started out inside wake of the Journal report.

however the board will have to approve any exit package, along with the idea can be under pressure coming from casino regulators along with institutional investors who own the majority of its stock. For example, the Massachusetts Gaming Commission can be deciding whether Wynn Resorts (WYNN) should keep its license for its massive casino along with hotel project set to open outside Boston in 2019.

sy88pgw’s Laura Sanicola contributed to This particular report.

sy88pgw (brand-new York) First published February 7, 2018: 9:39 AM ET