{"id":27479,"date":"2015-02-05T13:19:39","date_gmt":"2015-02-05T21:19:39","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=27479"},"modified":"2015-10-16T09:47:29","modified_gmt":"2015-10-16T16:47:29","slug":"caesars-ceo-loveman-calls-day-walks-away","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/caesars-ceo-loveman-calls-day-walks-away\/","title":{"rendered":"Caesars CEO Loveman Calls it a Day And Walks Away"},"content":{"rendered":"
\"Gary
Gary Loveman steps down as CEO of Caesars. The company, he said, had \u201caccomplished more than what we could have imagined when I arrived.\u201d (Image: Reuters)<\/figcaption><\/figure>\n

Gary Loveman<\/a>, CEO of Caesars Entertainment, is to step down from the post, the troubled company announced this week.<\/p>\n

He will be succeeded by Mark Frissora, the former CEO of rental car company Hertz, who will join the board immediately and take over the reins officially on July 1.<\/p>\n

Loveman will continue to serve as company chairman.<\/p>\n

Under Loveman\u2019s stewardship, Caesars Entertainment, originally Harrahs, grew into the biggest casino operator in the world.<\/p>\n

However, it assumed huge industry-high debt of $20 billion following the $30.1 billion takeover by private equity firms Apollo Global Management and TPG Capital, and struggled during the subsequent global economic downturn.<\/p>\n

The company has lost money every year since 2009 and remains locked in a legal squabble with a group of its lower-level creditors as it attempts to restructure and put its main operating unit through Chapter 11 bankruptcy.<\/p>\n

\u201cMy decision to begin to transition management now comes with the confidence that we have taken the steps necessary to ensure the company\u2019s long-term success,\u201d Loveman said. \u201cI am proud of the company\u2019s many accomplishments and grateful for the loyalty and friendship of my thousands of colleagues.\u201d<\/p><\/blockquote>\n

Caesars Builds an Empire<\/b><\/h2>\n

After completing his doctorate at MIT, Loveman spent nine years as a professor at Harvard Business School, before joining Harrahs as a consultant, and then as COO in 1998.<\/p>\n

As COO, Loveman created the Harrahs loyalty rewards program which allowed the company to build data on its customers and discover that slots players, and not high-rollers, were\u00a0the most profitable demographic.<\/p>\n

In 2003, he became CEO, and the following year, oversaw the acquisition of Caesars Entertainment, expanding Harrahs from a company that owned 15 casino properties to one that owned over 50.<\/p>\n

\u201cCaesars has accomplished more than what we could have imagined when I arrived,\u201d said Loveman, who added that \u201cthe time is ripe for a transition,\u201d as the company is \u201cin the midst of a formal restructuring of one of its subsidiaries.\u201d<\/p>\n

\u201cMy decision to begin to transition management now comes with the confidence that we have taken the steps necessary to ensure the company\u2019s long-term success,\u201d he added.<\/p>\n

So Good It Hertz\u00a0<\/b><\/h2>\n

His successor, meanwhile, has experience in presiding over heavily indebted companies.<\/p>\n

He joined Hertz in 2006 just after it, like Caesars, had assumed billions in debt following a private takeover, and oversaw a subsequent period of global expansion.<\/p>\n

However, while Frissora cited personal reasons for leaving Hertz, Bloomberg has reported that investors pushed for his removal, citing accounting and operational mistakes.<\/p>\n

\u201cMark has a long history of driving growth, optimizing operations and creating shareholder value,\u201d said Marc Rowan, a co-founder of Apollo, and David Bonderman, a co-founder of TPG. We are confident that his efforts combined with the restructuring \u2026 will help create long-term shareholder value at Caesars.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Gary Loveman, CEO of Caesars Entertainment, is to step down from the post, the troubled company announced this week. He will be succeeded by Mark Frissora, the former CEO of rental car company Hertz, who will join the board immediately and take over the reins officially on July 1. Loveman will continue to serve as […]<\/p>\n","protected":false},"author":42,"featured_media":27480,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,18,1],"tags":[],"acf":[],"yoast_head":"\nCaesars CEO Loveman Calls it a Day<\/title>\n<meta name=\"description\" content=\"Gary Loveman will be replaced by Mark Frissora as CEO of Caesars Entertainment. 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