Local & Regional
9:29 am
Sun April 29, 2012

Head of Cherokee Business Arm Leaving

TAHLEQUAH, Okla. (AP) — Cherokee Nation Businesses has reached a "separation agreement" with its chief executive officer.

Officials announced Friday that Dave Stewart will be paid $2.67 million as part of the agreement, which took effect immediately.

Stewart told The Tulsa World  the agreement he and the Cherokee Nation Businesses board of directors reached was amicable and mutual. He said it has been a pleasure to serve the Cherokee people for the past 10 years.

Cherokee Nation Businesses is the business arm of the Cherokee Nation. A recent study released by the tribe estimated that Cherokee Nation Businesses contributes more than $1.06 billion in economic impact to the state of Oklahoma every year. The business and entertainment division operates the Hard Rock Casino in Catoosa.

In 2010, Cherokee Nation Businesses reported record profits of $87.54 million.

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Information from: Tulsa World, http://www.tulsaworld.com

Copyright 2012 The Associated Press.