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Howard Stutz

CFO for Las Vegas Sands leaving, but will remain as consultant

26 June 2013

LAS VEGAS -- The chief financial officer for Las Vegas Sands Corp. is leaving the company but will stay on as a consultant over a six-month period until a replacement is named.

The casino operator announced the departure of Kenneth Kay in a filing with the Securities and Exchange Commission Tuesday. Kay is officially leaving on July 31.

Kay has been with Las Vegas Sands since December 2008.

According to the SEC filing, Kay entered into “a six-month consultancy agreement” with the company to provide transitional services as needed.

Las Vegas Sands spokesman Ron Reese declined comment on Kay’s departure.

It’s unclear whether Kay resigned or was terminated by the company.

The language used in Tuesday’s SEC filing is similar to wording that covers Kay employment agreement in the company’s definitive proxy statement from April.

If Kay were to be terminated without cause, he would receive 12 months salary and other benefits.

On Tuesday, Las Vegas Sands said Kay will be paid one year’s salary and a pro-rated bonus for 2013. He will also receive continued health care benefits for up to one year or until he is newly employed.

“The company will undertake a search for Mr. Kay’s permanent replacement,” Las Vegas Sands said.

Kay’s departure comes as Las Vegas Sands faces investigations by SEC and U.S. Department of Justice over potential violations of the Foreign Corrupt Practices Act.

The allegations were raised in a wrongful termination lawsuit filed by the former chief executive of the company’s Macau casino operations. The case is pending in Clark County District Court.

In April, Las Vegas Sands severed ties with PricewaterhouseCoopers LLC, as its outside auditor since 2004, and appointed Deloitte & Touche LLP. In an April SEC filing, Las Vegas Sands said the company had not had any “reportable disagreements” with the auditing firm going back to 2011.

Reese said Kay’s departure “had absolutely nothing to do” with the ongoing investigations or the change in auditors.

Prior to joining Las Vegas Sands, Kay served as senior executive vice president and chief financial officer of CB Richard Ellis Group Inc. Kay also served as chief financial officer for Dole Food Co. Inc., Universal Studios Inc., and several other publicly traded companies, as well as having worked for PricewaterhouseCoopers.