Caesars' Gary Loveman Stepping Down As CEOLongtime CEO To Give Control Over To Former Hertz CEO |
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Caesars’ chief executive officer Gary Loveman (the guy on TV who always tells you to “gamble responsibly”) is stepping down from his position as the company proceeds with bankruptcy. He will remain chairman of Caesars, however.
Replacing Loveman as CEO is Mark Frissora, who was formerly CEO and chairman of Hertz Global Holdings, Inc., the automobile and equipment rental car company.
Loveman was one of the longest tenured CEOs in the U.S. casino industry. He was CEO when Caesars acquired the World Series of Poker from Binion’s in 2004.
“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,” Loveman 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. 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,” he added in his statement.
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