Macy's Inc
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Consumer Discretionary : Multiline Retail | Mid Cap ValueCompany profile

Macy's, Inc. is an omnichannel retail company operating stores, Websites and mobile applications under various brands, such as Macy's, Bloomingdale's and Bluemercury. The Company sells a range of merchandise, including apparel and accessories (men's, women's and children's), cosmetics, home furnishings and other consumer goods. Its subsidiaries provide various support functions to its retail operations. Its bank subsidiary, FDS Bank, provides credit processing, certain collections, customer service and credit marketing services in respect of all credit card accounts that are owned either by Department Stores National Bank (DSNB), which is a subsidiary of Citibank N.A., or FDS Bank. The private label brands offered by the Company include Alfani, American Rag, Aqua, Bar III, Belgique, Charter Club, Club Room, Epic Threads, first impressions, Giani Bernini, Greg Norman for Tasso Elba, Holiday Lane, Home Design, Hotel Collection, John Ashford, Karen Scott, Thalia Sodi and lune+aster.

Closing Price
$25.79
Day's Change
1.04 (4.20%)
Bid
--
Ask
--
B/A Size
--
Day's High
25.99
Day's Low
24.86
Volume
(Average)
Volume:
14,089,412

10-day average volume:
14,625,675
14,089,412

Caesars Entertainment CEO Mark Frissora To Leave Company

4:01 pm ET November 1, 2018 (PR Newswire) Print

Caesars Entertainment Corporation (NASDAQ: CZR) today announced that President and Chief Executive Officer Mark P. Frissora is leaving the Company, having led a successful operational and financial transformation and established a platform for future growth. To support a seamless transition, Mr. Frissora will remain in his current role until February 8, 2019.

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The four members of the Compensation and Management Development Committee as well as the Chairman of the Board will work with a nationally recognized search firm to identify Mr. Frissora's successor.

"The Board of Directors thanks Mark for his instrumental role in leading the Company through a challenging period and setting Caesars on a course for sustained, long-term growth and value creation," said Jim Hunt, Chairman of the Board of Directors. "Under Mark's leadership, the Company has significantly improved margins and profitability while simultaneously increasing customer and employee satisfaction. We are grateful for his leadership and numerous contributions and are optimistic for the future."

Mr. Frissora said, "I have been privileged to lead this iconic Company and am proud of all that our team has accomplished. Together, we navigated a complex restructuring process. We have improved our margins significantly and created enterprise value which enabled the successful reorganization of our Caesars Entertainment Operating Company subsidiary. I am confident that the Company is well positioned to thrive and grow in the future. I am committed to maintaining stability and operating discipline during this transition."

Under Mr. Frissora's leadership, Caesars implemented strategies resulting in a 900 basis points increase in adjusted EBITDAR margin and a nearly $800 million increase in adjusted EBITDAR. The Company has completed the renovation of approximately 70% of the hotel rooms across its network and launched various organic and inorganic growth initiatives, including the acquisition of Centaur Holdings, LLC, expansion into Dubai, the planned development of Caesars' first resort in Mexico and the pursuit of a license in Japan.

During Mr. Frissora's tenure, the Company has also significantly deleveraged its balance sheet and simplified its capital structure. Since 2014, prior to the restructuring of Caesars Entertainment Operating Company, Caesars has reduced the cost of its debt by 400 basis points and is committed to further deleveraging. In the same period, the Company reduced annual fixed charges, including interest expense, by $1.4 billion.

About Caesars Entertainment

Caesars Entertainment is the world's most diversified casino-entertainment provider and the most geographically diverse U.S. casino-entertainment company. Since its beginning in Reno, Nevada, in 1937, Caesars Entertainment has grown through development of new resorts, expansions and acquisitions and its portfolio of subsidiaries now operate 47 casinos in 13 U.S. states and five countries. Caesars Entertainment's resorts operate primarily under the Caesars(R), Harrah's(R) and Horseshoe(R) brand names. Caesars Entertainment's portfolio also includes the Caesars Entertainment UK family of casinos. Caesars Entertainment is focused on building loyalty and value with its guests through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership. Caesars Entertainment is committed to environmental sustainability and energy conservation and recognizes the importance of being a responsible steward of the environment. For more information, please visit www.caesars.com.

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View original content to download multimedia:http://www.prnewswire.com/news-releases/caesars-entertainment-ceo-mark-frissora-to-leave-company-300742563.html

SOURCE Caesars Entertainment Corporation

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