Caesars Entertainment Corp. has sought the guidance of the billionaire activist investor Carl Icahn in their search for a new chief executive officer, reports Reuters. This is after the current Caesars CEO, Mark Frissora, announced his departure scheduled later this year.
Icahn has recently disclosed a 9.8 per cent stake on the company.
He has also asked Caesars to explore the possibility of a sale. Caesars responded by saying that the offers it had received for the company so far undervalued it and did not create enough value for shareholders.
Caesars emerged from bankruptcy in 2017 and has been able to shrink its debt load to $9.1 billion from the $25 billion it had when if first filed for bankruptcy protection.
While the company’s stock is down more than 30 per cent over the past 12 months, it has shown signs of recovery in recent weeks, climbing more than 10 per cent over the past three months and 36.5 per cent since the start of the year.