Gary Loveman to vacate CEO position at Caesars

Loveman, CEO of casino operator Caesars Entertainment, will step down from his position in the summer.

Mark Frissora will take over the role on 1 July after departing as CEO of car rental company Hertz Global Holdings in September.

Loveman will remain with the company as chairman of Caesars Entertainment and Caesars Entertainment Operating Company (CEOC), the company’s biggest unit.

CEOC filed for Chapter 11 bankruptcy last month in an attempt to reduce its debt by $10bn, and Loveman will oversee the restructuring of the unit for the time being.

Loveman has been CEO since 2003, having joined as COO in 1998 following his time as a business school professor at Harvard University.

Caesars has struggled financially since its $30bn leveraged acquisition by private equity firms Apollo Global Management and Texas Pacific Group in 2008.

Frissora is to join the Caesars board with immediate effect and will work with Loveman through the transitional period.

Poor financial results and accounting problems led to Frissora’s departure from Hertz, resulting in the announcement in November of an investigation into the firm's financial statements for 2011, 2012 and 2013.