Caesars Entertainment has added two independent directors to its board – Icahn Enterprises General Counsel Jesse Lynn and Chief Financial Officer Ted Papapostolou – who will join the board immediately, subject to customary regulatory approvals.
“I would like to welcome Jesse and Ted to the board,” Caesars Entertainment CEO Tom Reeg said in a statement. “Jesse and Ted bring diverse and relevant experience that will assist the board in maximizing value for all shareholders.”
The additions expand the board to 12 directors, 10 of whom are independent.
Icahn Enterprises and certain affiliates have agreed to a customary standstill, voting commitments and other provisions. Further information on Caesars’ agreement with the Icahn Group, including a copy of the agreement, will be provided in a report on Form 8-K to be filed with the Securities and Exchange Commission.
“I have great respect for Tom Reeg and the senior management team and what they have accomplished since the merger in 2020,” Carl C. Icahn said in a statement. “We look forward to working with Tom and the Board to maximize value for all shareholders, including by exploring strategic alternatives for the Company’s underappreciated digital business.”
