Keith Cozza exits the brand new Caesars lower than per week after merger

Keith Cozza has resigned from the board of Caesars Entertainement. The CEO of Icahn Enterprises left abruptly after a Monday morning announcement with the Securities and Change Fee.

The July 27 announcement said:

“On July 24, 2020, Keith Cozza knowledgeable the Govt Chairman of the Board of Administrators (the “Board”) of Caesars Leisure, Inc., a Delaware company (the “Firm”), that he’s resigning from the Board efficient instantly. Mr. Cozza’s resignation was not the results of any disagreement with the Firm on any matter referring to the Firm’s operations, insurance policies or practices.”

Cozza was considered one of three representatives for Carl Icahn on Caesars’ board. The 83-year-old billionaire gained the largest stake of any shareholder within the firm in early 2019, and was an essential participant in arranging the sale of the corporate to Eldorado. He stays the biggest shareholder within the new mixed firm.

Cozza could have been free to surrender his place of affect with the deal having not too long ago been effectively and really finalized. After taking 15 months to finish, the 2 corporations merged below the Caesars title, however retain Eldorado’s administration. No alternative has been named for Cozza as of this time.

Remaining on the board representing Icahn might be Icahn Capital Portfolio Supervisor Courtney Mather and Icahn Enterprises board member James Nelson. They’re joined by former Eldorado chairman Gary Carano, who stays chair of the brand new Caesars board, as effectively CEO Tom Reeg, David Tomick, Frank Fahrenkopf Jr., Michael Pegram, and Bonnie Biumi.

Reeg has beforehand mentioned the primary precedence of the brand new merged firm might be in decreasing bills, with as a lot as $500 million in fan needing to be trimmed to get the corporate into combating form. Icahn beforehand instructed it shouldn’t be that arduous to do, with the synergy of the newly merged firm making a bounty of potential wealth.

However with the economic system seeking to be on very shaky legs in the mean time, will enterprise come again quick sufficient to assist pay for this big merger price? Some individuals positively don’t assume so.