Mark Frissora, former chief executive of Hertz Global, has been appointed chief executive of struggling Caesars Entertainment.
He succeeds Gary Loveman, who will remain with the company to oversee the restructuring of the company’s largest division, Caesars Entertainment Operating, which filed for bankruptcy in January.
Frissora left the car-rental giant in September last year.
He will join Caesars immediately as chief executive-designate, while also taking a seat on the board.
He will take up the role of chief executive on July 1st, while Loveman will end his term on June 30th and remain chairman.
Loveman confirmed it was his decision to step down.
During his tenure he has been credited with the expansion of the company’s Total Rewards programme, now an industry standard, while also expanding online gaming.
He, however, failed to gain access for the Caesars empire in Macau, now the largest casino market in the world.
“After 12 years as chief executive, Caesars has accomplished more than what we could have imagined when I arrived in 1998,” he said in a statement.
“Now, with the company in the midst of a formal restructuring of one of its subsidiaries and a merger between entities, the time is ripe for a transition.”
Frissora will receive an annual base salary of $1.8 million with a target bonus of $2.7 million, according to a regulatory filing.
The new leader is also entitled to use the company plane, get six months of free housing while he relocates and associated costs and benefits.