Caesars Entertainment CEO Mark Frissora is stepping down after 3 years in the role, the company announced on Thursday.
He will remain in the role until February 8, 2019. The company did not announce a replacement.
Frissora was appointed in February 2015 by private equity firms Apollo Global Management and TPG Capital. Prior to working at Caesars, Frissora served as CEO of car rental company Hertz and auto parts manufacturer Tenneco.
Earlier this month, it was reported that Golden Nugget Casinos owner Tilman Fertitta wanted to merge with Caesars Entertainment in a deal that would value Caesars at $13 per share.
The reverse merger, with Caesars as the acquirer, would exchange stock in a private company owned by Fertitta for shares in Caesars. Fertitta, who also owns the Houston Rockets basketball team, would serve as chairman and CEO of the combined company.
The casino giant emerged from bankruptcy last year after a restructuring process that lasted more than two years.
Shares of Caesars jumped 9 percent following the announcement. The stocked closed up 3 percent at $8.85 per share, and is down 30 percent this year.
