Former Hertz chief executive Mark Frissora has taken over as president and CEO of Caesars Entertainment Corporation effective today, completing the transition plan announced by the operator in February earlier this year.
Frissora joined the operator as president and CEO designate in February this year after it was announced that Gary Loveman would step down from the role after twelve years to become chairman of the business.
Having also joined the Caesars board in February, he will continue to report to his fellow board of directors, and also takes charge of Caesars Enterprise Services and joins the CES Steering Committee.
“Since joining the company in February, I have visited most of our domestic properties, met with all of the company's senior leaders and focused my attention on identifying new opportunities to drive growth and efficiency, which will ultimately create shareholder value,” Frissora said. “I am excited about the opportunities ahead and to become part of such a dynamic company and industry.
“Caesars has a diverse collection of assets, a highly engaged management team and employee base and strong loyalty among its customers. I am working with the leadership team and the Board to formulate a multi-year growth strategy for the company that spans our footprint in Las Vegas and other markets.”
Marc Rown, founder of one of Caesars’ private equity owners Apollo Global Management, alongside TPG, said that Frissora had quickly assumed leadership of the company and spent his time as CEO designate working with the senior team and seeking opportunities to increase productivity.
“We have high confidence in Mark, and believe his track record of driving growth and efficiency will serve Caesars well,” TPG founding partner David Bonderman added.
Frissora has more than 38 years’ business experience, working in a number of management and operational roles.
Over the past fourteen years he served as chairman and CEO of two Fortune 500 companies, car rental service Hertz Gobal Holdings and automotive parts manufacturer Tenneco Inc. During his tenure he was lauded for achieving significant levels of employee and customer satisfaction, as well as introducing new technologies into each business.
At Hertz he also led the consolidation of the vehicle rental industry with the acquisition of Dollar Thrifty Automotive Group and expanded the company’s off-airport business to almost 3,000 locations. He also launched the Hertz 24/7 hourly rental service and acquired vehicle leasing business Donlen Inc.
He has also worked for the likes of US conglomerate General Electric, engineered systems and components manufacturer Aeroquip-Vickers Corporation, since acquired by industrial corporation Eaton, and Dutch technology company Philips NV.
As chairman, Loveman will continue to oversee the restructuring of the Caesars Entertainment Operating Company subsidiary, which began in December last year.