Jesse Lynn, general counsel of Icahn Enterprises, and Ted Papapostolou, the company’s chief financial officer, will join the board immediately, subject to customary regulatory approvals.
“Jesse and Ted bring diverse and relevant experience that will assist the board in maximizing value for all shareholders,” Caesars Entertainment CEO Tom Reeg said.
Icahn Influence
Billionaire activist investor Carl Icahn started to build a sizable stake in Caesars in 2018 and, after securing three board seats, lobbied for the sale of the business. A $17.3 billion merger with Eldorado Resorts was agreed to in 2019 and closed in 2020.
Icahn hinted at a further Caesars divestment in a statement welcoming the board appointments.
“I have great respect for Tom Reeg and the senior management team and what they have accomplished since the merger in 2020,” Icahn said. “We look forward to working with Tom and the board to maximize value for all shareholders, including by exploring strategic alternatives for the company’s underappreciated digital business.”
As part of the latest boardroom developments at Caesars, Icahn Enterprises and some of its affiliates have agreed to customary standstill, voting commitments and other provisions. Further details will be provided in an upcoming filing to the U.S. Securities and Exchange Commission.
Boardroom Expansion
With these additions, the Caesars board will expand to 12 directors, 10 of whom are independent.
Before joining Icahn Enterprises, Lynn practiced corporate law in New York at Mintz, Levin, Cohn, Ferris, Glovsky and Popeo and, before that, at Gordon Altman Butowsky Weitzen Shalov & Wein. Lynn is also a director of JetBlue Airways Corporation.
Papapostolou has served as Icahn Enterprises CFO since November 2021 and as its secretary since April 2020. He worked in various accounting positions at Icahn Enterprises from March 2007 to March 2020 and was in the audit practice at Grant Thornton before then.
Caesars Entertainment’s resorts operate primarily under the Caesars, Harrah’s, Horseshoe and Eldorado brand names.
