Caesars Entertainment president and chief executive Mark Frissora will leave the company next year, with the search for his replacement now underway.
Caesars announced the move Thursday and said that Frissora will remain in his role until February 8th to support a seamless transition.
The company credited him for leading the successful operational and financial transformation of the business that has established a platform for future growth. This includes a 900 basis points increase in adjusted EBITDAR margin and a nearly $800m increase in adjusted EBITDAR during his tenure.
"The board of directors thanks Mark for his instrumental role in leading the company through a challenging period and setting Caesars on a course for sustained, long-term growth and value creation," said Jim Hunt, chairman of Caesars.
"Under Mark's leadership, the company has significantly improved margins and profitability while simultaneously increasing customer and employee satisfaction. We are grateful for his leadership and numerous contributions and are optimistic for the future."
Caesars’ compensation and management development committee will now work with Hunt to identify a successor.
Commenting on his departure, Frissora said: "I have been privileged to lead this iconic company and am proud of all that our team has accomplished. Together, we navigated a complex restructuring process. We have improved our margins significantly and created enterprise value which enabled the successful reorganization of our Caesars Entertainment Operating Company subsidiary.
"I am confident that the company is well positioned to thrive and grow in the future," he added. I am committed to maintaining stability and operating discipline during this transition."
Shares in Caesars Entertainment Corp. (NSQ:CZR) closed in New York Thursday at $8.85 per share, up 3.03 per cent, with after-hours trading driving them almost 9 per cent higher.