PENN Entertainment has entered into a cooperation agreement with activist investor HG Vora, and added three new independent directors to its board.
The settlement marks an end to a lengthy period of tension between the pair, with HG Vora agreeing to dismiss its case against the Pennsylvania-based multichannel operator.
The lawsuit accused PENN, operator of digital products theScore Bet and Hollywood Casino, and its board of an “affront to shareholder democracy” after HG Vora tried to place three individuals on PENN’s board last year.
Former Superbet CEO Johnny Hartnett and Sorelle Capital CEO Carlos Ruisanchez were given the nod by PENN to be added to the board after HG Vora’s proposal.
However, former PENN CFO William Clifford was denied a place at the top table, which led to HG Vora taking the case to the courts.
HG Vora proceeded to issue a 116-page takedown of PENN’s strategy under CEO Jay Snowden. The operator rejected the case as “full of false claims”.
In November, a committee cleared PENN of wrongdoing, which HG Vora claimed was a “biased” decision.
But the two parties have now agreed to settle the dispute, with Heather Ace, Jeffrey Fox, and Fabio Schiavolin to join the PENN board with immediate effect.
Schiavolin most recently served as Snaitech CEO, leaving after Flutter Entertainment acquired the Italy-licensed company from Playtech in 2025.
Ace serves as chief HR officer at semiconductor manufacturer Qualcomm, while Fox is CEO and founder of investment firm Circumference Group.
Ace and Fox will serve as Class II directors on terms until PENN’s 2028 AGM, while Schiavolin will be a Class III director until the 2026 AGM. He is expected to re-elected afterwards.
HG Vora has agreed not to push for further board seats as part of the new agreement, or support any M&A activity surrounding PENN.
David Handler, PENN chair, said: “On behalf of the board, we are pleased to welcome Heather, Jeff and Fabio, highly accomplished individuals who each bring deeply relevant experience.”
In January, PENN announced an organisational restructure, prioritising theScore Bet in Ontario and both theScore Bet and Hollywood Casino in the US, as well as its overarching omnichannel approach.
As part of the restructure, executive vice-president of operations Todd George and CIO and senior vice-president Rich Primus stepped down from their roles.
PENN stock is down by almost a fifth so far in 2026 to around $12, at the time of writing.
Arnold Ash is EGR’s Executive Recruitment Partner. They support ambitious organisations to identify and attract industry leading executive talent. Find out more here.
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The post PENN and HG Vora reach settlement as three new board members named first appeared on EGR Intel.
Former Snaitech CEO among the trio to be added as pair strike agreement following long-running boardroom spat
The post PENN and HG Vora reach settlement as three new board members named first appeared on EGR Intel.