A U.S. Securities and Exchange Commission filing by Caesars Entertainment reveals that its incoming CEO, former Hertz chief Mark Frissora, will earn .8 million in salary. Frissora, who is now CEO designee and will take over the chief executive post from Gary Loveman in July, also will earn up to 150 percent of this base salary in bonus pay for meeting performance goals.
Frissora, 59, was chairman and CEO of Hertz Global Holdings for seven years. He will work with Loveman, who remains Caesars chairman, during the transition period. According to the SEC filing, Frissora also was given an option to purchase 1 million shares of Caesars Entertainment common stock.
Caesars announced two weeks ago that Loveman will step down from his CEO post following the January 15 Chapter 11 filing for its largest unit, Caesars Entertainment Operating Company (CEOC). The operator’s restructuring plan, agreed to by a large majority of senior bondholders, will slash CEOC’s debt from around $18 billion to $8 billion.
