Penn National Gaming Inc. announced Thursday that its CFO intends to retire and a new replacement has been confirmed.
The company was notified Oct. 19 by Saul V. Reibstein, the executive vice president, finance, chief financial officer and treasurer, of his intention to retire at the end of 2016. William J. Fair, currently executive vice president, chief development officer, has been appointed to succeed Reibstein effective Jan. 1, 2017, subject to customary regulatory approvals.
The company is the parent of Argosy Gaming, whose local holdings include the casinos in Alton and in Maryland Heights, Mo.
Fair, 54, has served as the company’s executive vice president, chief development officer since 2014. He is to receive a three-year executive agreement effective Jan. 1. He will receive an initial annual base salary of $700,000, will participate in the annual incentive compensation plan for similarly situated senior executives, is eligible to receive options or other equity or equity-based compensation pursuant to the company’s equity compensation plan, and will receive other benefits and perquisites made available to similarly situated senior executives of the company.
To facilitate the transition of his duties, Reibstein has agreed to remain employed by the company from Jan. 1, 2017, to Dec. 31, 2017, as an executive advisor to the chief executive officer and chief financial officer.
— From the Illinois Business Journal