Genuine Manufacturers Group has reached outdoors its ranks for a brand new high govt.
Matt Maddox, the previous chief govt officer of Wynn Resorts, has joined the corporate as president. He succeeds Nick Woodhouse, the longtime right-hand man to Genuine founder Jamie Salter, who will transition to govt vice chairman. Woodhouse will proceed to stay lively within the enterprise, the corporate mentioned.
Over his two-decade profession at Wynn, Maddox is credited with enjoying a pivotal function within the firm’s international enlargement. He was the primary worker to relocate to Asia, the place he served as chief monetary officer of Wynn Resorts Macau, serving to develop Wynn Macau and Wynn Palace. He returned to the U.S. and have become the chief monetary officer of Wynn Resorts in 2008, was promoted to president in 2013 and CEO in 2018.
At Genuine, he’s anticipated to proceed to assist the model growth and licensing enterprise — now valued at $20 billion — develop each within the U.S. and abroad. His expertise on the publicly held Wynn Resorts can also be anticipated to be precious to Genuine because it ponders whether or not to lastly enter the general public market or to tackle different outdoors investments.
In 2021, Genuine filed plans to go public however pulled again from these plans after CVC Capital and HPS Funding Companions, together with its different shareholders, which embrace BlackRock, Simon Property Group, Leonard Inexperienced & Companions and others bought important fairness. Salter has since mentioned that he’s in no rush to go public, however that it may be one thing to think about sooner or later. Sources mentioned Maddox might assist solidify that considering whereas additionally serving to Genuine to proceed to diversify its holdings globally.
“Matt is an distinctive chief, and I’m thrilled to welcome him to Genuine,” mentioned Salter, chairman and CEO of Genuine. “His huge expertise in scaling founder-led, advanced, high-growth companies and talent to drive operational excellence might be extremely precious as we diversify our enterprise throughout new verticals and industries. I’m assured that his management will allow us to grab new alternatives and speed up our development.”
Woodhouse added: “Genuine has at all times set itself aside with a forward-thinking imaginative and prescient to reinvent iconic manufacturers, and I’m excited to proceed driving that imaginative and prescient in partnership with Matt. His deep experience in international development and market disruption might be important as we construct on the stable basis we’ve laid for continued success.”
Maddow, who begins at Genuine Monday, mentioned: “Genuine is a dynamic international firm and clear market chief within the trade making a class of 1. At Wynn, we labored with Genuine through the years, and I developed nice admiration for the entrepreneurial spirit and development profile of the corporate. I stay up for working with this proficient group and contributing to the success and continued development of Genuine. Collectively, we’ll strengthen our international footprint and develop our model portfolio in methods that can create lasting influence.”