Global leader in gaming, Caesars Entertainment Corporation (NASDAQ: CZR), has reportedly worked out a deal to put off the previously announced February departure of current Chief Executive Officer and President, Mark P. Frissora (pictured).
GGRAsia reports that the Las Vegas-based company said that the 63-year-old Frissora would, in the interest of “continuity of leadership as the company searches for a successor” using a “third-party search firm” it had purportedly hired, remain in his roles until the end of April 2019, with the possibility of extending that by a month.
In exchange for remaining with the company past the February 8, 2019 exit date revealed by Caesars via a press release in November, Frissora would reportedly be compensated with an “equity grant for the 2019 compensation year with a target value of US$7 million” calculated on a pro rata basis, as reported by the news portal. The single payment was reportedly a feature in the company’s 2019 incentive plan regarding senior officers.
The recent filing reportedly stated, “Any tranches of the 2019 performance incentive plan award that are payable based on performance will remain outstanding until the applicable performance is determined and any amount payable to Mr Frissora will be pro-rated based on the number of days in 2019 that have elapsed through the termination date.”
GGRAsia further reports that according to an April 10th proxy filed by Caesars, Frisorra’s base salary for last year was US$2 million, allowing for the potential to be topped by up to 175%, for reasons performance related including the meeting of “financial and customer satisfaction targets” set by the firm’s compensation committee. In February this year, Caesars had reportedly approved an increase to Frissora’s annual bonus target to 200%.
According to the proxy filing in April, last year, Frissora was the recipient of a bonus under Caesars’ non-equity incentive plan of slightly more than US$4.49 million, reports the news agency.
With more than four decades of business experience, Frissora was appointed president and chief executive officer of Caesars Entertainment Corp. in July 2015. He aided the company, which is pursuing a license in Japan and is also building an integrated resort casino on Yeongjong island in South Korea, in its operating company’s bankruptcy reorganization, which after two years of hearings was completed last year.
Prior to joining Caesars in 2015, Frissora served as chairman and chief executive officer of Tenneco from 2000 until 2006 and as chief executive officer of The Hertz Corporation from 2006 until September 2014, both Fortune 500 companies.
Caesars has a presence in five countries and operates casinos in 13 U.S. states, employing more than 70,000 people across more than 50 casino and hotel properties. In addition to the Caesars name, other brands include Harrah’s, Bally’s and Horseshoe casinos.