PENN Entertainment said on Monday it has signed a cooperation agreement with activist investor HG Vora Capital Management and appointed three new independent directors to its board, settling a months-long proxy fight.
The casino operator said it added Heather Ace, Jeffrey Fox and Fabio Schiavolin to its board as part of the agreement.
HG Vora had been locked in a proxy battle with the casino operator for months after building a stake and outlining plans to nominate directors to PENN’s board. It owns a 4.7% stake in PENN, according to data compiled by LSEG. HG Vora declined to comment.
In 2025, HG Vora launched a proxy fight at the casino operator as it tried to elect three of its director candidates to its board, which was later backed by proxy advisory firm ISS.
