PROVIDENCE, R.I. (WPRI) — Twin River Worldwide Holdings Executive Chairman John Taylor Jr. is stepping down after nearly a decade and will be replaced by the head of the New York hedge fund that owns a large block of the company’s shares.
Twin River said Taylor, who joined the board of directors in 2010, is leaving the board altogether in addition to giving up the title of executive chairman, which he has had since 2017.
“I took this step reluctantly, but feel the time is right for me to take on other opportunities where I can help create similar value,” Taylor said in a statement that highlighted Twin River’s growth on his watch.
Twin River paid Taylor $1.78 million in 2017 and $750,000 in 2018, according to a filing with the Securities and Exchange Commission.
Twin River’s new board chair will be Soohyung Kim, a founding partner of Standard General L.P., the hedge fund that at last check controlled about one-third of the casino company’s shares. Kim joined the Twin River board of directors in 2016.
Taylor’s departure comes less than a year after Twin River became a publicly traded company on the New York Stock Exchange. Its shares closed at $23.60 on Monday, down 21% since March.
Twin River operates Rhode Island’s two state-owned casinos, in Lincoln and Tiverton, as well as other facilities in Mississippi, Delaware and Colorado.
Ted Nesi (email@example.com) is WPRI 12’s politics and business editor and a Target 12 investigative reporter. He is a weekly panelist on Newsmakers and hosts Executive Suite. Follow him on Twitter and Facebook