Las Vegas Sands (NYSE: LVS) has announced today that it has appointed Patrick Dumont as its new Chief Financial Officer.
Las Vegas Sands Chairman and Chief Executive Officer Sheldon G. Adelson said the appointment of Mr. Dumont is a well-earned formalization of a role Mr. Dumont has already been performing. “Patrick has been providing strong leadership to the financial function and handling the principal duties of the CFO role very effectively for some time. We are extremely pleased to formally appoint him to this role, and we look forward to his contributions in the years ahead. 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.”
Patrick Dumont is married to Sivan Ochshorn, a daughter of Adelson’s wife, Dr. Miriam Adelson. According to insiders, Dumont handled the purchase of the Las Vegas Review Journal himself, and the CFO position is a huge reward for a person who will most likely play a growing roll in the organization in the coming months.
“I’m excited to serve in this important role, and I’m honored to lead a strong and dedicated team of finance and accounting professionals. 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,” stated Mr. Dumont.
Mr. Dumont has served in operating and finance leadership positions since joining the company in June of 2010. Since July 2013, he has served as senior vice president of finance and strategy.
According to Bloomberg
Dumont will get paid $1.2 million in base salary and is eligible for a bonus of as much of 100 percent of his annual pay. He was also granted options for 650,000 shares.
Prior to joining LVS, Mr. Dumont worked in investment banking at Miller Buckfire and Bear Stearns. He earned a Bachelor of Science in Mechanical Engineering from Johns Hopkins University and a Master of Business Administration from Columbia Business School.
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