Gary Loveman Resigns as Caesars’ CEO

Gary-LovemanGary Loveman, the chief executive of Caesars Entertainment Corp. who has been in charge of the company during its ups and downs over the last 17 years, announced that he was going to step down from his post.

This will happen on July 1st and Mark Frissora will be appointed as the new chief executive of the company. Frissora is said to have a considerable experience as he used to be CEO of Hertz Global Holdings.

However, Loveman will continue being a chairman of Caesars Entertainment as well as Caesars Entertainment Operating Co., which announced bankruptcy less than a month ago.

In a special statement on the matter, the company reminded that Caesars’ subsidiary has managed a great part of the casinos – Paris Las Vegas, Caesars Palace, the LINQ, Bally’s, etc.

It was also said in the statement that Loveman himself decided to step down from his post. He discussed his intentions with Caesars’ board of directors who started searching for another chief executive having competencies as high as Loveman’s.

A couple of months ago, Loveman admitted that he was getting too tired and he was no longer willing to have so many responsibilities. Yet, Loveman shared that he will still keep an eye on the restructuring of Caesars Entertainment Operating Co.

Gary Loveman took the reigns of Caesars in 1998. During that time, the company was known as Harrah’s Entertainment.

In point of fact, Loveman did not have any experience as a CEO when he started working for the former Harrah’s Entertainment. He used to be a business professor at Harvard University, which made most analysts say that he was not a “ stereotypical casino CEO”.

Expectedly the announcement for leaving the post of CEO raised the question if his departure would lead to serious changes that would affect the communities.

People with knowledge on the matter reassured that Loveman’s departure will neither have impact on the Total Rewards program he has developed nor on any other developed feature.

As for Frissora’s appointment, Caesars’ executives believe it was the most sensible decision. He has recently left Hertz Global Holdings Inc. due to personal reasons.

Caesars’ officials put emphasis on Frissora’s vast experience in managing prominent companies, which makes him an invaluable asset to Caesars.

As a matter of fact, Caesars has been struggling for five years now. In 2008 Harrah’s Entertainment was sold and slowly but surely a debt totalling $18.4 billion was accumulated.

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