Bill Boyd has officially left the board of directors of Boyd Gaming (NYSE: BYD), the casino company he co-founded with his father Sam in 1975, ending his nearly five-decade tenure.
He had served as the co-executive chairman alongside Marianne Boyd Johnson, who will now take on the position full-time. Johnson joined the company’s board in 1990 and has worked on strategic issues such as development, customer service, and operations.
Marianne is also a director at Western Alliance Bancorporation (NYSE: WAL) and is the only woman among Boyd Gaming’s seven remaining board members.
Bill Boyd: The visionary behind the Boyd Boom
Bill Boyd, who initially worked as a lawyer, entered the gaming industry in 1975 when he and his father founded the California Hotel and Casino in downtown Las Vegas. Today, Boyd Gaming (NYSE: BYD), under the leadership of the Boyd family and other executives, has grown into a $7.11 billion company with significant real estate holdings and 28 gaming properties in 10 states, including 11 in Nevada.
Boyd Gaming’s properties in downtown Las Vegas, such as California, Fremont Hotel & Casino and Main Street Station, have made it the dominant operator in the area. Other Sin City venues under the company’s ownership include Gold Coast, Orleans, Sam’s Town, and Suncoast.
Bill Boyd has now assumed the title of chairman emeritus, which is an honorary position that many companies award to long-serving board members who have made significant contributions to the firm. As an emeritus member, he is expected to attend board meetings but will not have voting rights. According to OnBoard, emeritus members are typically selected by their peers for their expertise and experience in the field and their contributions in building and shaping the organization over the years.
Boyd Gaming enjoys consistent and reliable leadership
Boyd Gaming is maintaining a strong leadership position in the gaming industry despite Bill Boyd’s departure from the board. Keith Smith, who became CEO in 2008 and has been a board member since 2005, and CFO Josh Hirsberg, who joined in 2008, provide steady leadership for the company.
Investors and analysts appreciate this consistency, as evidenced by the company’s strong stock performance, up 29.47% year-to-date and 18.42% over the past 12 months, which is among the best in the gaming industry.
Of the 16 analysts covering Boyd, 12 rate it a “buy” or “strong buy,” and the company recently announced a new $500 million share buyback program, its third such announcement since October 2021.