Las Vegas Sands CFO leaving despite strong first-quarter earnings
Kenneth Kay is leaving his job as chief financial officer of Las Vegas Sands Corp.
Kay’s will leave his post effective July 31, but he plans to help the company in a six-month transition, according to a filing with the Securities and Exchange Commission.
Las Vegas Sands spokesman Ron Reese was not immediately available for comment Tuesday afternoon. It is unknown whether Kay resigned or was fired.
Las Vegas Sands plans to pay Kay an additional year’s salary and pro-rated bonus for 2013. He’s also entitled to continued health care for a year or until he finds a new job.
Before taking his post next to casino magnate Sheldon Adelson, Kay worked as CFO of CB Richard Ellis Group Inc. and held senior positions with Dole Food Co.
Kay’s exit follows record earnings for Las Vegas Sands. The company in May reported record first-quarter earnings, driven by massive growth in Macau.
The company’s first-quarter revenue grew 19.5 percent to $3.3 billion, collecting a profit of $572 million, or 69 cents a share. The numbers were up 14.6 percent from a year earlier when Sands reported a profit of $498.9 million.