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Shares jump 45% on Caesars Entertainment's 3Q14 results

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Part 15
Shares jump 45% on Caesars Entertainment's 3Q14 results PART 15 OF 15

Caesars Entertainment’s newly appointed CFO

Management change

On November 10, 2014, Caesars Entertainment Corporation(CZR), which is held by the Consumer Discretionary Select Sector SPDR Fund (XLY), appointed Eric Hession CFO of the company, effective January 1, 2015. Hession will succeed Donald Colvin, who is retiring from the company effective December 31, 2014.

Caesars Entertainment’s newly appointed CFO

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Eric Hession

Eric Hession currently serves as Senior Vice President of Finance and Treasurer of CZR, in which capacity he is responsible for financial planning, treasury, and investor relations. Previously, he served as Vice President of Finance and Treasurer for Harrah’s Entertainment, which is now known as Caesars Entertainment. Hession joined Harrah’s Entertainment in 2002 after four years with Merck & Co, Inc. (MRK). He also served as the Director of Caesars Entertainment Operating Company (or CEOC) until June 27, 2014.

Mr. Hession has an undergraduate degree in engineering from Cornell University and an M.B.A. from the Fuqua School of Business at Duke University.

Management’s take

Gary Loveman, Chairman, CEO, and President of CZR, who also serves as a director of Coach, Inc. (COH) and FedEx Corporation (FDX), said, “Eric has been an invaluable member of the finance team at Caesars and I am pleased to welcome him to the senior management team. His tenure with the company coupled with his experience and leadership track record makes him ideally suited to assume the role of CFO. Eric is highly regarded inside and outside of the company and I have the upmost confidence in him to do a fantastic job.”

Donald Colvin, current CFO of CZR, said, “I will leave the finance team in the very capable hands of Eric and with the confidence that Caesars is well positioned to achieve continued growth and success.”

Eric Hession said, “I am excited for this new opportunity and look forward to working with our team and our stakeholders to further strengthen Caesars’ financial position and drive greater value for our shareholders.”

To learn more about the casino industry, indicators, trends, and fundamentals, visit Market Realist’s Casinos and Gaming page.

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