Frissora to Exit Caesars
Company enlists search firm to select new ceo
Caesars Entertainment Corp. president and ceo Mark Frissora will end his tenure at the company on Feb. 8, after serving three and a half years.
Frissora started his career working in several management positions for General Electric, Philips Lighting Co. and Aeroquip-Vickers. From 2000 to 2006, he was chairman and ceo of Tenneco. Then, from 2006 to 2014 he served as ceo of The Hertz Corp. before taking the helm at Caesars, which is also the parent of Harrah’s and Horseshoe properties, in July 2015.
During his leadership at Caesars, the company deleveraged its balance sheet and simplified its capital structure. Since 2014, prior to the restructuring of Caesars Entertainment Operating Co., the company has reduced the cost of its debt by 400 basis points. In addition, Caesars completed renovations of nearly 70% of the hotel rooms in its network. The group also acquired Centaur Holdings, expanded to Dubai, developed its first resort in Mexico and pursued a license in Japan.
Four members of the company’s compensation and management development committee, as well as the board chairman, will work with a search firm to identify Frissora’s successor, The Wall Street Journal reports.
Beyond that, Caesars recently confirmed that it turned down a reverse-merger proposal from casino operator Golden Nugget LLC. The offer called for Caesars to acquire Golden Nugget's restaurant, hospitality, entertainment and gaming businesses in exchange for a significant minority of Caesars' common shares, according to multiple published reports.
Photo: Courtesy of Caesars Entertainment Corp.