Photo courtesy of Caesars Entertainment Corporation
Caesars Entertainment Corp. Chairman Gary Loveman will step down as CEO of the casino company on June 30, according to a statement by Caesars on Wednesday.
Mark Frissora, former chairman and CEO of Hertz Global Holdings, will take Loveman's place, playing the part of "CEO designee" until July 1.
Loveman, 54, has held one of the longest tenures as a CEO in the gaming industry, but a recent restructuring of Caesars less than a month ago changed things. Caesars filed for Chapter 11 bankruptcy protection on Jan. 15, eliminating about $10 billion in debt in the process.
Loveman will remain as chairman of the company.
"After 12 years as CEO, Caesars has accomplished more than what we could have imagined when I arrived in 1998," Loveman said in a statement. "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. 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."
Frissora spent seven years with Hertz before resigning in September, citing personal reasons. Under his watch, Hertz expanded from a single-brand, airport rental car company to a global organization of four brands that now includes more than 3,000 locations outside of airports. He's also credited with creating Hertz's sustainability program and improving Hertz's customer service. He was chairman and CEO of Tenneco, a major manufacturer of automotive parts, before joining Hertz in 2006.
"I am thrilled to be joining Caesars at such an important time for the company," Frissora said. "Caesars' network and range of offerings and amenities make it a true leader in gaming, entertainment and hospitality. I am looking forward to working closely with Gary, the Board and the leadership team to ensure a smooth transition."
Frissora has big shoes to fill as Caesars' CEO. Loveman, who joined Harrah's Entertainment in 1998 from Harvard University, helped expand Caesars from a regional company into an international gaming, entertainment and hospitality giant. Over the course of his tenure, he oversaw the acquisitions of Caesars, Planet Hollywood, Horseshoe and the World Series of Poker, and the development of Horseshoe casinos in Cleveland, Cincinnati and Baltimore.
Loveman is also responsible for creating Caesars' longstanding loyalty program Total Rewards, as well as the company's Wellness health program for employees.
"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 proud of the company's many accomplishments and grateful for the loyalty and friendship of my thousands of colleagues."
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