Caesars CEO stepping down

Caesars Entertainment’s chief executive officer Gary Loveman is stepping down after 12 years in the hot seat but  will continue to serve as chairman of Caesars Entertainment and Caesars Entertainment Operating Company (CEOC).

The move was described by Loveman as “the start of transitioning management of the company”.

Mark Frissora (59), former chairman and chief executive officer of The Hertz Corporation, has been appointed as chief executive officer designee, formerly assuming the title of chief executive officer on July 1, 2015.

It’s an interesting choice, Frissora left The Hertz Corporation after seven years of service under a cloud in September 2014 following a call for his resignation by activist investor Carl Icahn over a range of issues including lack-lustre fiscal results.  Icahn said Frissora’s leadership had produced a “lack of confidence” at the company.

Frissora will work alongside Loveman and the board to familiarise himself with operations, the leadership team and the regulatory licensing process, a company statement said.

“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,” Loveman said.  “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.”

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