PENN Entertainment announces settlement to end boardroom battle | Business News

WYOMISSING, Pa. – Berks County based PENN Entertainment says changes are coming to its boardroom as part of a settlement to end a lengthy proxy battle.

The Wyomissing-based operator of casinos, racetracks, and online and sports betting platforms is adding three new independent directors to its board, effective immediately.

They are Heather Ace, Jeffrey Fox and Fabio Schiavolin.

PENN said, in connection with the new appointments, it has entered into a cooperation agreement with HG Vora Capital Management.

HG Vora is an investment firm based in New York City. It’s also one of PENN’s largest shareholders, with a nearly 5% stake.

In January of 2025, the company nominated three candidates for election to the PENN board. PENN proposed a compromise- ultimately rejected by HG Vora- in which two of those candidates would be appointed.

Then, the following March, HG Vora issued a 116-slide presentation, making a detailed case for why it believed change was needed at PENN.

HG Vora hasn’t commented on the latest settlement.

PENN issued a brief news release, announcing the new board members. “On behalf of the Board, we are pleased to welcome Heather, Jeff and Fabio, highly accomplished individuals who each bring deeply relevant experience,” Board Chair David Handler, said, in that release.

PENN Entertainment operates 42 gaming destinations across the U.S.

PENN shares (NASDAQ: PENN) were trading at $12.37 early Tuesday. That’s near the bottom of their 52-week range. The company has a market capitalization of about $1.6 billion.

The company is expected to report its fourth-quarter results later this week on February 26.