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Gary Loveman is stepping down as the CEO of Caesars Entertainment.
“After 12 years as CEO, Caesars has accomplished more than what we could have imagined when I arrived in 1998. Now, with the company in the midst of a formal restructuring of one of its subsidiaries and a merger between entities, the time is ripe for a transition,” said Gary Loveman, Chairman and Chief Executive Officer of Caesars Entertainment.
The company said Loveman will begin the transition in the end of the first quarter and that new in-coming CEO Mark Frissora will assume the role fully by the end of June.
“It has been an honor to be the Chairman and CEO of Caesars Entertainment. My decision to begin to transition management now comes with the confidence that we have taken the steps necessary to ensure the company’s long-term success. I am confident that the efforts underway to address the capital structure of CEOC and the announced merger of Caesars Acquisition Corporation and Caesars Entertainment will position Caesars for growth and prosperity for many years to come. I look forward to working with Mark, the Board of Directors and the Senior Management Team to effect a seamless transition,” Loveman said.
Frissora joins Caesars after having previously served as chief executive at both car rental company Hertz and automotive parts manufacturer Tenneco.
During the transition period, Frissora will work with Loveman and the Board to familiarize himself with Caesars’ operations and leadership team while going through the regulatory licensing process.
As the new CEO of Caesars Frissora will have to deal with a major part of the company in chapter 11 and many of its creditors fighting for the entire company to be placed into bankruptcy. |
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