HONG KONG - The former CEO of Sands China Limited has filed a lawsuit against Las Vegas Sands for alleged breach of employment contract.
Steve Jacobs, the former top honcho at Sands China who presided over the firm's US$2.5 billion IPO in Hong Kong November last year, filed the suit against his former employer this week at Nevada's Clark County district court. LVS removed Jacobs from its Macau unit last July without detailing any reason in a statement it sent to the Hong Kong Stock Exchange.
Speculation however pointed to a growing fued between Jacobs and LVS Chairman Sheldon Adelson as the reason for the former receiving the boot. Adelson's relationship with his Macau unit head became strained as Jacobs wanted to retain the autonomy of Sands China. It was also reported that Jacobs was unwilling to allow LVS to get involved in the day-to-day operations of the Macau operations.
After Jacobs was relieved of his post, LVS Chief Operating Officer Mike Leven has served as Sands China's acting chief executive.
It may be recalled that earlier last year, Adelson also fueded with then LVS President and COO Bill Weidner. The internal fueding resulted in Weidner's resignation after 14 years with the company. Two other executives also resigned thereafter who were identified with Weidner -- Brad Stone, who was in charge of LVS's Singapore project; and LVS board member James Purcell who disagreed with the board's decision to let go of Weidner.
