PENN Entertainment restructures organization, exec departs

PENN Entertainment, Inc. disclosed a new corporate organizational structure intended to align with its strategic priorities.

Rhea-AI Filing Summary

PENN Entertainment, Inc. disclosed a new corporate organizational structure intended to align with its strategic priorities. The restructuring realigns the company’s Interactive segment to focus on PENN’s digital assets in Canada and its Hollywood iCasino product, aiming to better connect these offerings with its retail casino operations and broader omnichannel business model.

As part of this change, the role of Executive Vice President, Operations was eliminated on January 5, 2026, and Todd George departed the company. Under a Separation Agreement dated January 8, 2026, he is eligible for separation benefits tied to a termination without cause under his prior executive agreement and will serve as an advisor providing transition services through February 28, 2026. In return for these transition services, his 2023 performance units remain outstanding and may vest or be forfeited according to their existing terms.

Insights

Corporate governance and restructuring analyst

PENN reshapes its structure and eliminates the EVP Operations role, with transitional support from the departing executive.

PENN Entertainment is adjusting its corporate structure so its Interactive business centers on Canadian digital assets and the Hollywood iCasino product, explicitly tying these to its retail casinos and omnichannel strategy. This indicates a clearer focus on integrating online and land-based operations rather than expanding into unrelated areas.

The elimination of the Executive Vice President, Operations role and Todd George’s departure are framed as consequences of this realignment, with benefits treated as a termination without cause under his existing agreement. His advisory role through February 28, 2026 and continued eligibility of 2023 performance units suggest an orderly transition rather than an abrupt break. The overall impact depends on how effectively the new structure supports the stated omnichannel model in future periods.

8-K Event Classification

3 items: 5.02, 7.01, 9.01

3 items

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What organizational changes did PENN (PENN) announce in this 8-K filing?

PENN Entertainment announced a new corporate organizational structure that realigns its Interactive focus on the company’s digital assets in Canada and its Hollywood iCasino product to better reflect its strategic priorities and omnichannel business model.

How is PENN (PENN) changing its Interactive business focus?

The Interactive business is being realigned to concentrate on PENN’s digital assets in Canada and its Hollywood iCasino product, with the intent to further leverage the company’s core retail casino business and overall omnichannel model.

Which executive is leaving PENN (PENN) as part of the restructuring?

As part of the restructuring, the position of Executive Vice President, Operations was eliminated on January 5, 2026, and Todd George has departed the company while remaining as an advisor during a transition period.

What are the key terms of Todd George’s separation from PENN (PENN)?

Under a Separation Agreement dated January 8, 2026, Todd George is eligible for separation benefits associated with a termination without cause (not within two years following a change in control) under his November 5, 2025 executive agreement with the company.

Will Todd George continue to work with PENN (PENN) after his role was eliminated?

Yes. The Separation Agreement provides that Todd George will serve as an advisor and be available to perform transition services for PENN through February 28, 2026.

What happens to Todd George’s 2023 performance units at PENN (PENN)?

As consideration for his transition services, his 2023 performance units will remain outstanding and will be eligible to vest or be forfeited in accordance with their existing terms.

Did PENN (PENN) issue a press release about the new structure?

Yes. PENN issued a press release on January 5, 2026 announcing the new corporate organizational structure, which is furnished as Exhibit 99.1 and is not deemed filed for liability purposes under Section 18 of the Exchange Act.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 01/09/2026 - 04:05 PM Learn about SEC filing dates

false0000921738PA00009217382026-01-052026-01-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): January 5, 2026

PENN Entertainment, Inc.

(Exact Name of Registrant as Specified in Charter)

Pennsylvania	0-24206	23-2234473
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

825 Berkshire Blvd., Suite 200

Wyomissing, PA 19610

(Address of Principal Executive Offices, and Zip Code)

610-373-2400

Registrant's Telephone Number, Including Area Code

(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	PENN	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On January 5, 2026, PENN Entertainment, Inc. (the “Company”) announced a new corporate organizational structure designed to reflect the Company’s strategic priorities, including the realignment of its Interactive focus on PENN’s digital assets in Canada and its Hollywood iCasino product to further leverage its core retail casino business and overall omnichannel business model.

In conjunction with this realignment, the position of Executive Vice President, Operations, was eliminated on January 5, 2026 and, as a result, Todd George has departed the Company.  The Company and Mr. George entered into a separation and release agreement on January 8, 2026 (the “Separation Agreement”), which provides that Mr. George will be eligible to receive the separation benefits applicable upon a termination without cause (not within two years following a change in control of the Company) under his executive agreement with the Company, dated November 5, 2025.  The Separation Agreement further provides that Mr. George will serve as an advisor to the Company and will be available to perform transition services for the Company until February 28, 2026.  As consideration for the transition services, the Separation Agreement provides that Mr. George’s 2023 performance units will remain outstanding and will be eligible to vest or be forfeited in accordance with their terms.

The foregoing description of the Separation Agreement is only a summary and is qualified in its entirety by reference to the text of the Separation Agreement, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

Item 7.01. Regulation FD Disclosure.

On January 5, 2026, the Company issued a press release announcing the Company’s new corporate organizational structure.  A copy of this press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, is being furnished to the U.S. Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. This information shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference to such filing.

Item 9.01. Financial Statements and Exhibits.

(d)          Exhibits.

Exhibit No.	Description
10.1	Separation Agreement dated January 8, 2026 between PENN Entertainment, Inc. and Todd George
99.1	Press Release dated January 5, 2026 of PENN Entertainment, Inc. (furnished under Item 7.01)
104	Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:	January 9, 2026	PENN ENTERTAINMENT, INC.
		By:	/s/ Christopher Rogers
			Christopher Rogers
			Executive Vice President, Chief Strategy and Legal Officer and Secretary