Nasdaq-listed gambling and leisure group Caesars Entertainment Corporation has confirmed that President & Chief Executive Mark Frissora will depart the company in February 2019.
Updating investors, Caesars governance details that it has begun its executive search for Frissora’s leadership replacement.
Frissora took charge of an embattled Caesars Entertainment in February 2015, guiding the company through its Chapter 11 bankruptcy process and asset restructuring.
Appointed by Caesars principal debt holders Apollo Global and TPG Capital, Frissora was able to separate and salvage Caesars Entertainment for its $18 billion debt-leveraged CEOC operating company.
Caesars two-year Chapter 11 battle, is noted as one of corporate America’s most complex restructures.
Jim Hunt, Chairman of Caesars Board of Directors, said in a statement Frissora had played an “instrumental role in leading the company through a challenging period and setting Caesars on a course for sustained, long-term growth and value creation.”
“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.”
Further to navigating Caesars complex restructuring, Frissora is credited with delivering a new corporate vision for the US legacy gambling group – focusing on diversifying Caesars assets, developing new entertainment propositions and furthering the gambling firm community and sustainability initiatives.
Confirming his upcoming resignation, Frissora stated that he was confident of Caesars future prospects operating within a much-changed global gambling sector.
“I am confident that the company is well positioned to thrive and grow in the future. I am committed to maintaining stability and operating discipline during this transition.”