- Push-out Score determined
- After less than four years in the position
- Accolades, praise and thanks for Frissora
- Search for a successor
- Frissora said 76 words
(exechange) — Las Vegas, Nevada, November 1, 2018 — Mark Frissora, chief executive of Caesars, leaves. As announced by Caesars Entertainment Corp. in a news release and in a regulatory filing published on Thursday, November 1, 2018, Mark P. Frissora leaves his post as Chief Executive Officer at the gaming corporation after less than four years in the role, effective February 8, 2019.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.2 years, according to data compiled by exechange.
Caesars will undertake a search for a successor.
No reason given
In the announcement, Caesars did not explicitly explain the reason for Mark Frissora’s move, leaving room for speculation.
Precise information about Mark Frissora’s future plans was not immediately available.
Caesars said: “President and Chief Executive Officer Mark P. Frissora is leaving the Company, having led a successful operational and financial transformation and established a platform for future growth. To support a seamless transition, Mr. Frissora will remain in his current role until February 8, 2019.”
Share price decline
The change follows a decline in the share price of Caesars Entertainment Corporation since March 2014.
Chaired by Jim Hunt
Caesars Entertainment Corporation is chaired by Jim Hunt.
James Hunt served as Chief Financial Officer and Executive Vice President of Walt Disney Parks and Resorts Worldwide from 2003 to 2012.
In the position of CEO since 2015
Mark P. Frissora has been the Chief Executive Officer and President at Caesars Entertainment Corporation since July 1, 2015.
Mark Frissora became a member of the Company’s Board in February 2015.
Frissora serves as the Company’s Chief Executive Officer and President.
Frissora has 41 years of business experience that spans all levels of management and functional roles.
He joined Caesars in 2015 and served between 2000-2014 as Chairman and CEO of two Fortune 500 companies.
Prior to his July 2015 appointment as Caesars’ Chief Executive Officer, he started his career working in various management positions for General Electric, Philips Lighting Company, and Aeroquip-Vickers. He served as Chairman and CEO of Tenneco from 2000 until 2006.
Frissora subsequently served as CEO of The Hertz Corporation from 2006 until September 2014, also serving as the company’s Chairman from January 1, 2007 until he stepped down in September 2014.
Frissora served as a member of The Business Roundtable, McKinsey’s CEO Advisory Council, and the G100.
He has also been actively involved in philanthropic activities and in 2012 he was awarded the Oliver R. Grace Award for Distinguished Service in Advancing Cancer Research.
In addition to serving on the Company’s Board of Directors, he is a Director of Aptiv PLC (formerly known as Delphi Automotive PLC) where he serves as the Chairman of the Compensation Committee.
He previously served on the Boards of Directors of Hertz Global Holdings for eight years and of Walgreens Boots Alliance for seven years where he served as Chairman of the Finance Committee.
He currently serves on the American Gaming Association Executive Committee.
Push-out Score determined
The Push-out Score™ determined by exechange suggests that push-out forces have contributed to the change.
Read the full story in the exechange report 45.2018 ($).