Former Hertz CEO hired to take over top post at Caesars Entertainment effective July 1

MarketsAssociated Press

Caesars Entertainment Corp. says it has hired former Hertz rental car CEO Mark Frissora to take over as chief executive, effective July 1.

The casino company announced Wednesday that longtime CEO Gary Loveman will remain chairman of Caesars Entertainment and Caesars Entertainment Operating Co., its division that filed for Chapter 11 bankruptcy protection.

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Loveman says in the company's statement that the timing is right to transition to new management.

Frissora stepped down from that company in September for personal reasons. Hertz has been reviewing its financial reports for the past three years and restating results.

Loveman has been CEO of Caesars since 1998, when it was known as Harrah's Entertainment.