Las Vegas Sands recently named Patrick Dumont, Sheldon Adelson’s son-in-law, the firm’s new chief financial officer.
Dumont joined the company in June 2010 and was named its senior vice president of finance and strategy in July 2013.
“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 a news release.
“We are extremely pleased to formally appoint him to this role and we look forward to his contributions in the years ahead,” Adelson 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 replaces Kenneth Kay, who resigned in July 2013 and last year became MGM Holdings’ CFO. The CFO position had been vacant since Kay left.
“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.
Bloomberg reported Dumont will earn $1.2 million in base salary and could double that amount in bonuses. He also received granted options for 650,000 shares.
