Mark Frissora is stepping down as CEO of Caesars Entertainment Corporation, effective Feb. 8, 2019.
Frissora succeeded previous CEO Gary Loveman, and has headed the company since July 2015. Caesars management commended Frissora for his guidance through bankruptcy proceedings following a restructuring process. This was despite a Securities and Exchange Commission filing from his former company, Hertz Global Holdings, where he served as CEO, accusing him of “inappropriate accounting decisions and the failure to disclose information to an effective review.”
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“The board of directors thanks Mark for his instrumental role in leading the company through a challenging period and setting Caesars on a course for sustained, long-term growth and value creation,” Jim Hunt, chairman of Caesars’ board of directors, said in a release. “Under Mark’s leadership, the company has significantly improved margins and profitability while simultaneously increasing customer and employee satisfaction. We are grateful for his leadership and numerous contributions and are optimistic for the future.”
Hunt and four members of Caesars’ board of directors will search for a successor with the help of a search firm.
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This week, Caesars declined a proposed reverse merger with casino chain Golden Nugget, which is owned by Tilman Fertitta. The deal would have seen Fertitta assume the role of CEO of Caesars following Golden Nugget's absorbtion into Caesars.