LAS VEGAS & RENO, Nev. - Caesars Entertainment, Inc. (NASDAQ: CZR), a leading casino-entertainment provider, has announced the appointment of two new independent directors to its Board of Directors. Jesse Lynn and Ted Papapostolou, both holding executive roles at Icahn Enterprises, have joined the board with immediate effect, pending regulatory approvals.
The expansion of the board follows an agreement with Icahn Enterprises, introducing Lynn and Papapostolou as part of a broader strategy to enhance shareholder value. Their appointments bring the total number of directors to 12, with 10 serving as independent members.
Tom Reeg, CEO of Caesars Entertainment, expressed confidence in the new additions, stating that their diverse experience will be instrumental in driving value for shareholders. Carl Icahn, the founder of Icahn Enterprises, also conveyed his respect for Reeg and the management team, emphasizing a shared goal of maximizing shareholder value, including a review of strategic alternatives for Caesars’ digital business. The company’s strategic focus comes at a time when analysts maintain a cautiously optimistic outlook, with a consensus recommendation of 3.43 out of 5.
Jesse Lynn, General Counsel of Icahn Enterprises, brings a wealth of legal and corporate governance experience, having served on the boards of several public companies. Ted Papapostolou, Chief Financial Officer of Icahn Enterprises, has a background in finance and accounting and has held directorships at various firms.
The agreement with Icahn Enterprises includes customary standstill and voting commitments, details of which will be disclosed in a forthcoming SEC filing.
Caesars Entertainment, known for its iconic brands such as Caesars®, Harrah’s®, Horseshoe®, and Eldorado®, has a history dating back to 1937. The company has grown through new resort developments, expansions, and acquisitions, and is committed to innovation and guest loyalty through its Caesars Rewards loyalty program.
Icahn Enterprises L.P. is a diversified holding company with interests in investment, energy, automotive, food packaging, real estate, home fashion, and pharma sectors.
This announcement is based on a press release statement and contains forward-looking statements regarding potential future business strategies and market performance. These are subject to risks, uncertainties, and other factors that could influence actual results. For deeper insights into Caesars Entertainment’s financial health, valuation metrics, and growth potential, investors can access comprehensive analysis through InvestingPro, which offers exclusive access to over 30 key financial metrics and proprietary Fair Value calculations for more than 1,400 US stocks, including detailed Pro Research Reports that transform complex financial data into actionable intelligence.
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