Caesars Entertainment Corporation has announced that President and Chief Executive Officer Mark P. Frissora is leaving the company. To support the transition, Frissora will remain in his current role until February 8, 2019, the company said.
Caesars said that the four members of the Compensation and Management Development Committee as well as the Chairman of the Board will work with a nationally recognized search firm to identify Frissora's successor.
In a written statement Jim Hunt, chairman of the Board of Directors, said that margins, profitability and customer and employee satisfaction had all improved under Frissora’s tenure.
Frissora said that his time at the company also included the reorganization of its Caesars Entertainment Operating Company subsidiary.
Under Frissora's leadership, Caesars also completed the renovation of approximately 70 percent of the hotel rooms across its network and launched various organic and inorganic growth initiatives, including the acquisition of Centaur Holdings, LLC, expansion into Dubai, the planned development of Caesars' first resort in Mexico and the pursuit of a license in Japan.
During Frissora's tenure, Caesars said it also significantly deleveraged its balance sheet and simplified its capital structure. Since 2014, prior to the restructuring of Caesars Entertainment Operating Company, Caesars has reduced the cost of its debt by 400 basis points and is committed to further deleveraging. In the same period, the company reduced annual fixed charges, including interest expense, by $1.4 billion.