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Posted At : March 9, 2009 11:25 AM | Posted By : Administrator
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Sheldon Adelson,Current,Wall Street
Not anymore he's not.
Starting April Fools' Day, Las Vegas Sands will have a new president and COO. Michael A. Leven is replacing William Weidner, who left abruptly over the weekend. While Weidner and CEO Sheldon Adelson used to speak with one voice, recent SEC filings hinted at a falling-out between the two, leading to the formation of a special committee to mediate their differences.
The Sands' prexy's position had been decreasingly tenable ever since LVS lost a lawsuit filed by Chinese businessman Richard Suen. At trial, Weidner performed badly on the stand despite being granted leeway to testify off of prepared notes. More damaging still was Adelson's admission, under oath, that Weidner had breached his fiduciary duties to LVS in his dealings with Suen. Once the schism between Adelson and Weinder (and other Sands top brass) became public, it was a relatively short dance to the killing ground.
So the power struggle is, for the time being, over and Adelson has won. New president Leven is a former hotel exec and a member of the executive committee that was formed Oct. 29 of last year. A five-year veteran of the LVS board, he hasn't held a managerial role there ... until now. We wish him luck.
It's difficult to imagine the bombastic and tactless Weidner catching on with another major casino outfit -- but life is full of surprises. Other Weidner allies at Sands HQ might want to start looking for the nearest exit, too.
Update: Wall Street delivered its verdict on the Weidner's exit -- in the form of a 20% drop in Sands' already emaciated stock price. Since Weidner was perceived the countervailing force to Adelson's damn-the-torpedoes approach, the Street's concerned is well warranted. J.P. Morgan analysts also noted that "also opens the door for questions regarding the continued employment of Brad Stone, a 30+ year colleague of Weidner."
When you see sharks eating sharks, you wonder who you're supposed to root for.
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