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New Caesars CEO Mark Frissora Takes Reins Of Casino Company

A new CEO and president who most recently led rental-car company Hertz takes the helm of Caesars Entertainment Corp.

Caesars said Wednesday that Mark Frissora is now the company's top executive completing the transition plan first announced in February.

He says in a company statement that he plans on identifying ways to drive growth and efficiency to improve shareholder value.

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Frissora is being paid $1.8 million annually plus bonuses.

Former CEO and president Gary Loveman remains the company's chairman and plans to oversee the restructuring of subsidiary Caesars Entertainment Operating Co. which filed for bankruptcy in January in an effort to shed some of its $18.4 billion in debt.

Loveman, a former Harvard business professor, had been CEO of Caesars Entertainment Corp. for 12 years.