Authentic Brands Group has reached outside its ranks for a new top executive.
Matt Maddox, the former chief executive officer of Wynn Resorts, has joined the company as president. He succeeds Nick Woodhouse, the longtime right-hand man to Authentic founder Jamie Salter, who will transition to executive vice chairman. Woodhouse will continue to remain active in the business, the company said.
Over his two-decade career at Wynn, Maddox is credited with playing a pivotal role in the company’s global expansion. He was the first employee to relocate to Asia, where he served as chief financial officer of Wynn Resorts Macau, helping develop Wynn Macau and Wynn Palace. He returned to the U.S. and became the chief financial officer of Wynn Resorts in 2008, was promoted to president in 2013 and CEO in 2018.
At Authentic, he is expected to continue to help the brand development and licensing business — now valued at $20 billion — grow both in the U.S. and overseas. His experience at the publicly held Wynn Resorts is also expected to be valuable to Authentic as it ponders whether to finally enter the public market or to take on other outside investments.
In 2021, Authentic filed plans to go public but pulled back from those plans after CVC Capital and HPS Investment Partners, along with its other shareholders, which include BlackRock, Simon Property Group, Leonard Green & Partners and others purchased significant equity. Salter has since said that he’s in no rush to go public, but that it might be something to consider in the future. Sources said Maddox could help solidify that thinking while also helping Authentic to continue to diversify its holdings globally.
“Matt is an exceptional leader, and I’m thrilled to welcome him to Authentic,” said Salter, chairman and CEO of Authentic. “His vast experience in scaling founder-led, complex, high-growth businesses and ability to drive operational excellence will be incredibly valuable as we diversify our business across new verticals and industries. I’m confident that his leadership will enable us to seize new opportunities and accelerate our growth.”
Woodhouse added: “Authentic has always set itself apart with a forward-thinking vision to reinvent iconic brands, and I’m excited to continue driving that vision in partnership with Matt. His deep expertise in global growth and market disruption will be essential as we build on the solid foundation we’ve laid for continued success.”
Maddow, who starts at Authentic Monday, said: “Authentic is a dynamic global company and clear market leader in the industry creating a category of one. At Wynn, we worked with Authentic over the years, and I developed great admiration for the entrepreneurial spirit and growth profile of the company. I look forward to working with this talented team and contributing to the success and continued growth of Authentic. Together, we will strengthen our global footprint and expand our brand portfolio in ways that will create lasting impact.”
