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By Svea Herbst-Bayliss

NEW YORK, April 25 (Reuters) - Penn Entertainment on Friday said it plans to appoint two new directors to its board, adding candidates who had been proposed by hedge fund HG Vora as part of its proxy fight at the casino operator.

The company, valued at $2.5 billion, named Johnny Hartnett and Carlos Ruisanchez, executives with gaming industry experience, as incoming directors.

Penn also said it did not reach a settlement agreement with HG Vora, which was involved in its first ever proxy fight.

Penn's stock price has tumbled 87% from its high in 2021 and HG Vora has criticized management for how it allocates capital and what it has called poor acquisitions.

Hartnett, a former chief executive officer of gambling and tech business Superbet Group, and Ruisanchez, a former chief financial officer of Pinnacle Entertainment which was bought by Penn in 2018, were two of the three candidates HG Vora was planning to ask investors to elect to the board at the annual meeting in June.

Originally three directors were planning to stand for re-election but one of those will now retire from the board immediately and the other two decided not to seek re-election, the company said. The board size will shrink by one to eight directors.

HG Vora was not immediately available for comment.

Penn said the two newcomers will offer "fresh perspectives as we enter into a critical phase for the business." The board believes "there is significant opportunity for value creation at Penn, particularly within our Interactive segment," the company said.

Penn operates 43 properties in 20 states, under brands including Hollywood federationfermat casino, Ameristar, and Boomtown, according to its website.

(Reporting by Svea Herbst-Bayliss; Editing by Kate Mayberry)