Allegations of racism and misogyny within the Phoenix Suns: Inside Robert Sarver's 17-year tenure as owner

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Flagrant Fowl
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Re: Allegations of racism and misogyny within the Phoenix Suns: Inside Robert Sarver's 17-year tenure as owner

Post by Flagrant Fowl »

Phoenix is not a small-market city, and the Suns have brand new facilities. Maybe a new owner would try to some relocation crap decades in the future, but I have a hard time believing we'd find ourselves in a Clay Bennett/Sonics situation.
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Re: Allegations of racism and misogyny within the Phoenix Suns: Inside Robert Sarver's 17-year tenure as owner

Post by In2ition »

Flagrant Fowl wrote:
Mon Nov 29, 2021 1:11 am
Phoenix is not a small-market city, and the Suns have brand new facilities. Maybe a new owner would try to some relocation crap decades in the future, but I have a hard time believing we'd find ourselves in a Clay Bennett/Sonics situation.
I agree. I don't see Bob Iger wanting to move the Suns, any time in the near future, if he became the owner.
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Re: Allegations of racism and misogyny within the Phoenix Suns: Inside Robert Sarver's 17-year tenure as owner

Post by Split T »

Apparently Iger is a mentor of sorts to CP3

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Re: Allegations of racism and misogyny within the Phoenix Suns: Inside Robert Sarver's 17-year tenure as owner

Post by Indy »

And don't we have a 15 year commitment to being in the Valley after the tax-payer funded portion of the arena upgrades and practice facility?

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Re: Allegations of racism and misogyny within the Phoenix Suns: Inside Robert Sarver's 17-year tenure as owner

Post by Indy »

Split T wrote:
Mon Nov 29, 2021 8:18 am
Apparently Iger is a mentor of sorts to CP3
Saw that. Interesting.

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Re: Allegations of racism and misogyny within the Phoenix Suns: Inside Robert Sarver's 17-year tenure as owner

Post by Split T »

Indy wrote:
Mon Nov 29, 2021 9:08 am
And don't we have a 15 year commitment to being in the Valley after the tax-payer funded portion of the arena upgrades and practice facility?
Ya I think they are committed until 2037 or something like that


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Re: Allegations of racism and misogyny within the Phoenix Suns: Inside Robert Sarver's 17-year tenure as owner

Post by JeremyG »

Former employees have been released from their NDAs for the investigation: https://www.espn.com/nba/story/_/id/328 ... ert-sarver
The lawyers leading the investigation met with several current employees this week at an off-site location. Some of the interviews lasted more than an hour.

Before their interviews, current and former employees told ESPN they had prepared extensive notes about allegations they wanted to share, dates of incidents and names of other witnesses to specific accounts. Some provided lists of current and former employees, along with their contact information, who could corroborate certain allegations.

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Re: Allegations of racism and misogyny within the Phoenix Suns: Inside Robert Sarver's 17-year tenure as owner

Post by JeremyG »

Robert Sarver cited as risk prior to resignation at Western Alliance

https://www.azcentral.com/story/money/b ... 593169002/ (Requires a subscription to read)

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Re: Allegations of racism and misogyny within the Phoenix Suns: Inside Robert Sarver's 17-year tenure as owner

Post by AmareIsGod »

JeremyG wrote:
Sat May 21, 2022 2:25 pm
Robert Sarver cited as risk prior to resignation at Western Alliance

https://www.azcentral.com/story/money/b ... 593169002/ (Requires a subscription to read)
Before announcement of Robert Sarver's resignation from Western Alliance, bank cited him as possible risk


Before announcement of Robert Sarver's resignation from Western Alliance, bank cited him as possible risk
Russ Wiles
Arizona Republic
Phoenix Suns owner Robert Sarver walks to his seat during a game at Footprint Center in April 2022.
As the basketball world awaits word on whether the NBA might sanction Phoenix Suns Managing Partner Robert Sarver for alleged racist and sexist comments, his tenure as one of Arizona’s most impactful and highest-paid business leaders is winding down more quietly.

Last month, the 60-year-old veteran banker said he will resign in June as executive chairman of Western Alliance Bancorporation and give up his seat on the board. The move came after the company cited him as a possible risk.

Western Alliance issued the warning about Sarver becoming a source for "negative publicity" and "reputational harm" in its 10K annual report released Feb. 25, six weeks before his resignation announcement on April 7.

Sarver already had taken a less active role with Western Alliance.

In 2018, he stepped down as CEO after 18 years at the helm, during which time he built Western Alliance into one of the state’s strongest and most profitable entities and moved the company’s headquarters to downtown Phoenix from Las Vegas nearly a dozen years ago.

Upon his resignation at the corporation's upcoming June 14 meeting, which follows an internal board investigation into his behavior, it will mark the first time in 20 years that Sarver won’t make daily or strategic decisions for Western Alliance.

However, Sarver, who did not respond through a spokesperson to requests for comment, will remain the largest non-institutional owner of stock in the company, according to an April 29 Western Alliance filing. His nearly 1.15 million shares are currently worth about $83 million.

The NBA investigation, announced late last year after an ESPN report that was highly critical of Sarver, is ongoing. No decision has been announced on penalties, if any, or whether the league will apply pressure for an ownership change. Sarver has denied most of the claims.

Western Alliance earlier this year identified Sarver as a reputational risk, and the company’s independent directors hired outside law firm Munger, Tolles & Olson to conduct an investigation.

Western Alliance hasn’t released the contents of that report and declined a request for comment on it, though CEO Kenneth Vecchione alluded to it in a January conference call with analysts who follow the company’s stock, as was first reported by trade journal American Banker.

The matter didn’t come up in Vecchione's most recent quarterly conference call with analysts in April.

Investigation, potential risk
The board's investigation was designed to evaluate Sarver’s “continued leadership role at the company,” Vecchione told analysts, adding that the investigation isn’t the result of any allegation related to the company, the board or the NBA.

Western Alliance has cooperated with the NBA's investigation and will continue to do so if requested, he said.

“Certain allegations with respect to the Phoenix Suns and Robert Sarver could generate negative publicity for us and cause reputational harm,” Western Alliance said in its 10K disclosure in late February. The company referenced the ESPN report from November that described “alleged misconduct and inappropriate behavior” by Sarver in his position as head of the Suns organization.

"Mr. Sarver has not had an active role in the management of our business since stepping down as CEO in 2018, and the allegations in the ESPN report do not relate to his current or previous position with us,” Western Alliance said. “However, the results of the investigations are unknown at this time, and the potential impact on us related to any negative publicity concerning Mr. Sarver is uncertain.”

Sarver will retire along with longtime director Steven Hilton, the recently retired CEO and current executive chairman of Phoenix homebuilder Meritage Homes. Both have sat on Western Alliance’s board since 2002. There was no reply to a request for comment from Hilton through Meritage.

Sarver also sat on Meritage’s board until 2019. Western Alliance said the retirements resignations are not attributable to any disagreements with the corporation or its main subsidiary, Western Alliance Bank.

High pay, solid financial performance
With his pending resignation, Sarver will walk away from a sizable paycheck.

As executive chairman in 2021, Sarver earned $7.9 million in compensation, including $5.2 million realized or earned from prior-year stock awards but excluding $2.3 million in awards granted in 2021 that haven’t yet vested. That was the company’s second-highest compensation total behind that of CEO Vecchione, who earned nearly $12.1 million based on the same methodology.

Sarver has ranked among Arizona’s highest-paid executives for most of the past decade. Standardized pay formats used by Western Alliance and other public companies split executive compensation into different tables. One shows current-year pay and another shows the value realized or earned from prior-year awards and options. The totals cited above combine the two.

In a news release announcing his resignation, Western Alliance praised Sarver for his “dynamic leadership” as the company’s former CEO, citing him as a catalyst for much of the company’s growth and strong financial performance over the past two decades.

Western Alliance, with assets of $56 billion, enjoyed a banner year in 2021, earning a profit of $896 million on record revenue of $1.95 billion. It was the company’s 12th straight year of rising earnings.

The company pointed out that its workforce of roughly 3,100 people is 55% female, with 38% of employees representing ethnically diverse groups. Western Alliance has two women on its board and will add a third, mortgage-lending executive Patrica Arvielo, if shareholders approve her nomination. With her election, the board will have 12 members.

Statements of praise, thanks
Sarver issued a statement at the time of his announced resignation thanking employees for their hard work and dedication.

“With the company well-positioned for continued success and growth, the time is right for me to begin a new chapter,” he said. “I will always cherish and be grateful for the experiences I have had and the relationships I have made during my time at Western Alliance.

"I have the utmost confidence in the executive team and the oversight of our highly experienced and capable board moving forward.”

Vecchione thanked Sarver for his stewardship, honesty and transparency over the past two decades. “Robert’s vision and leadership made the remarkable success of Western Alliance possible,” he said.

Bruce Beach, the company’s lead independent director, issued a statement saying Sarver’s “leadership and relationship with customers, colleagues, regulators and shareholders has driven our success and the growth of our service to communities and clients across the country.”

Continuing business interests
Sarver, who is married with three sons and earned a bachelor’s degree in business from the University of Arizona, remains active in the business community, though in much less visible roles than as the top executive of the Phoenix Suns and Western Alliance.

He is a director and has been a major contributor to the university’s Sarver Heart Center, which was renamed in 1998 after his family’s support. Also, he is part of a group that owns Spanish soccer team Real Mallorca.

He’s also a founder and managing principal at Southwest Value Partners, a private real estate firm with ownership interests in various office buildings, hotels, apartment complexes and other properties. The company's portfolio includes the Westin La Paloma Resort & Spa in Tucson and the Hilton Scottsdale Resort.
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Re: Allegations of racism and misogyny within the Phoenix Suns: Inside Robert Sarver's 17-year tenure as owner

Post by Flagrant Fowl »

That's a nothing story as it relates to the Suns.
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Re: Allegations of racism and misogyny within the Phoenix Suns: Inside Robert Sarver's 17-year tenure as owner

Post by Superbone »

I wonder when we’re going to get some real news. This is taking a long time. We haven’t heard a peep for quite a while.
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Re: Allegations of racism and misogyny within the Phoenix Suns: Inside Robert Sarver's 17-year tenure as owner

Post by ShadowHawke »

JeremyG wrote:
Sat May 21, 2022 2:25 pm
Robert Sarver cited as risk prior to resignation at Western Alliance

https://www.azcentral.com/story/money/b ... 593169002/ (Requires a subscription to read)
How much does Bill pay you?

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Re: Allegations of racism and misogyny within the Phoenix Suns: Inside Robert Sarver's 17-year tenure as owner

Post by Indy »

Superbone wrote:
Sat May 21, 2022 8:19 pm
I wonder when we’re going to get some real news. This is taking a long time. We haven’t heard a peep for quite a while.
They probably want to wait until the offseason. Don't want to highlight sexist and racist behavior during the playoffs.

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Re: Allegations of racism and misogyny within the Phoenix Suns: Inside Robert Sarver's 17-year tenure as owner

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Superbone wrote:
Sat May 21, 2022 8:19 pm
I wonder when we’re going to get some real news. This is taking a long time. We haven’t heard a peep for quite a while.
My guess is right after the season and draft, it'll drop.

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Re: Allegations of racism and misogyny within the Phoenix Suns: Inside Robert Sarver's 17-year tenure as owner

Post by JeremyG »

ShadowHawke wrote:
Sat May 21, 2022 8:46 pm
JeremyG wrote:
Sat May 21, 2022 2:25 pm
Robert Sarver cited as risk prior to resignation at Western Alliance

https://www.azcentral.com/story/money/b ... 593169002/ (Requires a subscription to read)
How much does Bill pay you?
:roll:

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Re: Allegations of racism and misogyny within the Phoenix Suns: Inside Robert Sarver's 17-year tenure as owner

Post by specialsauce »

Lollllll

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Re: Allegations of racism and misogyny within the Phoenix Suns: Inside Robert Sarver's 17-year tenure as owner

Post by Indy »

It isn't hard to find people to stand up for billionaire owners accused of sexual misconduct and racism!

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Re: Allegations of racism and misogyny within the Phoenix Suns: Inside Robert Sarver's 17-year tenure as owner

Post by Superbone »

"It should burn. It'll probably burn forever. But last season is done." - James Jones

"I want to be who I think I am." - Frank Kaminsky

"I don't think I've ever been that angry shooting a basketball." - Cam Johnson

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Re: Allegations of racism and misogyny within the Phoenix Suns: Inside Robert Sarver's 17-year tenure as owner

Post by Superbone »

https://www.azcentral.com/story/sports/ ... 628940001/

Phoenix Suns' employee resigned over alleged 'bullying' after sharing 'gender equity' concerns
As the NBA's investigation of Phoenix Suns team owner Robert Sarver is reportedly drawing closer to an end, ESPN reported on Tuesday Melissa Fender Panagiotakopoulos resigned last month, alleging she experienced bullying from team supervisors after sharing concerns about gender equity and misconduct within the franchise.

Click the link for the rest...
"It should burn. It'll probably burn forever. But last season is done." - James Jones

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