Caesars Entertainment Corporation Chairman Gary Loveman will step down from the company’s chief executive role on June 30 and will be replaced by the former chairman and CEO of Hertz Global Holdings.
“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 Loveman.
“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 added.
According to a statement from the company, Mark Frissora, who has seven years of experience with the automobile and equipment rental car company, will be CEO designee—a title which allows him to join the board of directors for Caesars immediately until July 1 when he formally becomes CEO.
Frissora was appointed CEO of Hertz in 2006. He oversaw Hertz’s 2012 acquisition of Dollar Thrifty Automotive Group Inc. Prior to joining Hertz in 2006, Frissora was Chairman and CEO of Tenneco, an auto parts maker.
The announcement comes less than a month after Caesars placed its largest operating unit into a pre-packaged bankruptcy to eliminate almost $10 billion in debt.
Loveman is one of the gaming industry’s longest-tenured CEOs and one of the highest-paid casino executives in recent years. According to the company’s statement, Loveman earned more than $7.6 million in salary and other compensation in 2013. In 2010, Loveman earned more than $18.2 million in total compensation.
Loveman, whose employment agreement last year was extended through 2016, will remain as the company’s chairman and will begin transitioning management of the company at the end of the first quarter.