Caesars adds two Icahn-backed directors to its Board
The addition of Jesse Lynn and Ted Papapostolou remains subject to regulatory approval.
Key points:
– Caesars Entertainment has announced two additions to its Board of Directors
– Jesse Lynn and Ted Papapostolou will retain their respective positions at Icahn Enterprises
– This development expands the Caesars Board to 12 members
Caesars Entertainment has announced the addition of both Jesse Lynn and Ted Papapostolou to its Board of Directors.
This latest move will enlarge the Caesars Board to a total number of 12 directors, with 10 of that total remaining independent from the company. Indeed, these two latest additions also fall into the independent category, as Lynn and Papapostolou are set to retain their respective positions as General Counsel and CFO of multi-industry conglomerate Icahn Enterprises.
Now, the pair are set to join the Caesars Board effective immediately to act as representatives for the shareholders – and will attend Board meetings to assist in strategic planning, compliance, recruitment, risk management and financial management – among other responsibilities. Indeed, both Lynn and Papapostolou yield backgrounds across several sectors.
Caesars Entertainment CEO Tom Reeg said: “I would like to welcome Jesse and Ted to the Board. Jesse and Ted bring diverse and relevant experience that will assist the Board in maximising value for all shareholders.”
Further, this sentiment was echoed by Carl Icahn – Founder of Icahn Enterprises, who said: “I have great respect for Tom Reeg and the senior management team and what they have accomplished since the merger in 2020. We look forward to working with Tom and the Board to maximize value for all shareholders, including by exploring strategic alternatives for the Company’s underappreciated digital business.”
Good to know: Last month, Caesars announced its FY 2024 financial figures, highlighting a net loss of $278m paired with net revenue of $11.2bn
It has been a busy start to the year so far for Caesars, with this latest announcement following the launch of the operator’s first online live dealer studio in Pennsylvania, via partnership with Evolution.
More recently, last week, Caesars entered into a market access partnership with supplier Soft2Bet – introducing the company to the US market via the launch of its new iGaming brand in New Jersey this summer.
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