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Carl Icahn And Caesars Agree To Deal, Three New Board Members

Caesars And Billionaire Investor Agree To New Board Representation, With Option For Fourth If New CEO Is Not Agreed Upon

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Caesars Entertainment Corporation came to an agreement with their newest billionaire investor, Carl Ichan, which puts three new directors on its board.

The company announced last Friday that it appointed Keith Cozza, Courtney Mather and James Nelson to the board. All three are part of the Icahn Group, giving Icahn more influence in the direction that the company moves.

Last month, it was disclosed that Icahn held nearly a 10 percent stake in the gaming giant, who wrapped up a bankruptcy claim in 2017. Icahn felt the company was undervalued at its current price and was pushing for a sale.

Icahn’s main goal in having representation on the board is to have a say in who succeeds Mark Frissora as Caesars’ new CEO. It was reported by Reuters that Icahn wants Anthony Rodio, CEO of Affinity Gaming, to succeed Frissora at the helm.

Rodio and Icahn have a history together. Rodio was the CEO of Tropicana Entertainment Inc, which was sold by Icahn for $1.85 billion to Eldorado Resorts Inc.

In the deal, Caesars granted the Icahn Group the right to appoint a fourth director to the board if an Icahn-approved CEO is not named in the next 45 days.

Frissora was expected to step down in February, but his departure was put on hold until April. Icahn doesn’t want Frissora to receive any more time in control of the company and still believes a sale of the company is the best course of action.