Penn Entertainment’s third-largest shareholder unleashed a scathing attack on the ESPN Bet operator’s management, alleging that the CEO and another top executive have used company planes as a “personal Uber service.”
In a 115-slide presentation, activist investor HG Vora laid out what it saw as “poor strategic decisions, failed transactions and poor execution,” and made the case for shareholders to vote for its nominees to Penn’s board.
HG Vora is seeking to get three new directors elected to the board, though Penn has only put two up for nomination and says the third seat “does not exist” after it shrunk the size of its board from nine members to eight.
