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Thread: Gary Loveman to step down as Caesars CEO, to be replaced by former CEO of Hertz

  1. #1
    Owner Dan Druff's Avatar
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    Gary Loveman to step down as Caesars CEO, to be replaced by former CEO of Hertz

    http://www.lasvegassun.com/news/2015...o-stays-chair/

    Only July 1, former Hertz CEO Mark Frissora will take over.

    Gary Loveman will remain at Caesars as "chairman". LOL

  2. #2
    Gold Bootsy Collins's Avatar
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    Don't expect Loveman to stay as chairman for long. Companies usually do this to avoid paying a massive severance package up front. Give it less than a year tops.

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    Platinum duped_samaritan's Avatar
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    Is this new guy good news or bad news for APs.

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    Owner Dan Druff's Avatar
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    Quote Originally Posted by duped_samaritan View Post
    Is this new guy good news or bad news for APs.
    Probably bad news.

    What's bad about Caesars is also what's good about Caesars.

    Basically, the same operational fail/incompetence which makes them exasperating to deal with is also what allows APs to work their system for maximum benefit.

    Anytime someone new takes over, they like to study what their predecessor did wrong, and try to change it for the better. I am wondering if they will take a hard look at the Total Rewards program and figure out how to both improve its appeal to regular players and thwart the APs/bonus whores.

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    Owner Dan Druff's Avatar
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    On a side note, here is a website Caesars is running with information about the bankruptcy, including which properties are part of it:

    http://www.ceocrestructuring.com/

    Interestingly, Caesars Las Vegas and Caesars Atlantic City ARE part of the bankruptcy, while crap properties like the Rio and Harrah's Las Vegas are not. Even stranger, the Octavius Tower in Caesars Las Vegas is also somehow excluded from the bankruptcy.

  6. #6
    LAS VEGAS – A new CEO and president who most recently led rental-car company Hertz takes the helm of Caesars Entertainment Corp.

    Caesars said Wednesday that Mark Frissora is now the company's top executive completing the transition plan first announced in February.

    He says in a company statement that he plans on identifying ways to drive growth and efficiency to improve shareholder value.

    Frissora is being paid $1.8 million annually plus bonuses.

    Former CEO and president Gary Loveman remains the company's chairman and plans to oversee the restructuring of subsidiary Caesars Entertainment Operating Co. which filed for bankruptcy in January in an effort to shed some of its $18.4 billion in debt.

    Loveman, a former Harvard business professor, had been CEO of Caesars Entertainment Corp. for 12 years.
    http://www.rgj.com/story/money/busin...pany/29646145/

  7. #7
    Outgoing Caesars CEO Gary Loveman talks murder, dead babies, and buyouts gone bad http://on.wsj.com/1KlhjDe

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