Las Vegas Sands (NYSE:LVS) is experiencing another big shift in its financial landscape. In an SEC filing, the company revealed that its Executive Vice President and CFO Kenneth Kay is to vacate both positions. The departure won't be sudden; he is to "provide transitional services as needed" under a six-month consultancy agreement.
He won't be leaving the firm empty-handed. In the filing, Las Vegas Sands said that, in concluding his employment contract, he will receive one year's salary, and a pro-rated bonus for 2013. Additionally, Kay will continue to get health-care benefits "for up to one year or until newly employed."
The company is to launch a search for Kay's replacement.
The move comes two months after Las Vegas Sands admitted that it parted ways with its longtime auditor, PricewaterhouseCoopers.