Embattled US gambling operator Caesars Entertainment Corp, has confirmed the appointment of Mark Frissora as CEO, replacing 12 year leader Gary Loveman, who has taken the position of company chairman.
Frissora who joined the corporation as a broad member in February from car rental operator Hertz Global, has been preparing for the transition by visiting Caesars US properties and researching company operations.
The appointment of Frissora has been backed by principal shareholders, investment funds Apollo AM and TPG Capital. As CEO of Hertz (2008 – 2014), Frissora has been credited for turning the company’s fortune by creating a global brand and creating effective corporate operations to benefit consumer values.
Frissora joins the operator at a troubled time, with pressure from debt creditors. In January Caesars Entertainment filed for Chapter 11 bankruptcy protection. At present the operator has an $18 billion debt attached to its books, of which it plans to eliminate $10 billion by creating a real estate investment trust.
In a short statement Frissora commented that he was focusing on “ identifying new opportunities to drive growth and efficiency, which will ultimately create shareholder value.”