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Caesars Entertainment CEO Gary Loveman stepping down | News

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Caesars Entertainment CEO Gary Loveman stepping down
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LAS VEGAS -- Caesars Entertainment Corporation announced Wednesday that its CEO was stepping down.

“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 Gary Loveman, Chairman and Chief Executive Officer of Caesars Entertainment.

According to a statement from the company, Loveman will begin transitioning management of the company at the end of the first quarter.

“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 said.

When Loveman mentioned a man by the name of Mark, he was speaking of Mark Frissora, who will join the company as CEO designee. This title allows him to join the board of directors for Caesars immediately, and on June 30, if approved by regulators, Frissora will become CEO.

During the transition period, Frissora will work with Loveman and the Board to familiarize himself with Caesars' operations and leadership team while going through the regulatory licensing process.

Frissora brings a track record of operating, growing and creating value at complex and highly leveraged companies like Hertz Global Holdings, Inc. and Tenneco, Inc. to the Caesars brand.

Loveman isn't completely done with the company.  He will continue to serve as Chairman of Caesars Entertainment and Caesars Entertainment Operating Company, according to the statement.

As Chairman, Loveman will continue to oversee the restructuring of CEOC.

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