Dumont named Las Vegas Sands CFO
The Las Vegas Sands executive who has been the company’s financial leader for nearly three years has been formally named chief financial officer.
Patrick Dumont, who joined the company in June 2010 and has served as senior vice president of finance and strategy since July 2013, received the formal title Wednesday, according to a company release and a filing with the Securities and Exchange Commission.
“Patrick has been providing strong leadership to the financial function and handling the principal duties of the CFO role very effectively for some time,” Sands Chairman and CEO Sheldon Adelson said in the release.
“We are extremely pleased to formally appoint him to this role and we look forward to his contributions in the years ahead,” he said. “The depth and strength of our senior leadership team is an important strategic advantage for the company and Patrick’s appointment to lead our global financial organization further strengthens our team as we execute our growth strategy.”
Dumont, who also is Adelson’s son-in-law, fills a vacancy left when Kenneth Kay stepped down from the role in July 2013. Kay last year became chief financial officer of MGM Holdings Inc.
“Working closely with our leadership team, my primary focus will be on helping maintain the industry’s strongest balance sheet, preserving the financial flexibility needed to pursue new development opportunities, continuing our strong commitment to return excess capital to our shareholders and fulfilling our commitment to leading the industry in financial controls,” Dumont said in the release.
Bloomberg reported Wednesday that Dumont will be paid $1.2 million in base salary and is eligible for a bonus of as much of 100 percent of his annual pay. He also was granted options for 650,000 shares.
The Review-Journal is owned by the family of Sands Chairman and CEO Sheldon Adelson.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Find him on Twitter: @RickVelotta
