Caesars Entertainment Corp. has named Mark Frissora, former CEO of Hertz Corp., as its new CEO starting June 30. Frissora joins the board of directors immediately and will report to the board.

Caesars Entertainment Corp.’s current CEO and Chairman Gary Loveman will begin transitioning management of the company at the end of the first quarter. He will continue to serve as chairman of the Caesars Entertainment and of Caesars Entertainment Operating Co.

During the transition period, Frissora will work with Loveman and the board to learn more about operations and the leadership team. His appointment is subject to regulatory approval, according to the company.

“After 12 years as CEO, Caesars has accomplished more than what we could have imagined when I arrived in 1998,” says Loveman. “Now with the company in the midst of a formal restructuring of one of its subsidiaries and a merger between entities, the time is ripe for a transition. I look forward to working with Mark, the board of directors and the senior management team to effect a seamless transition.”

Last September, Frissora stepped down as Hertz Corp.'s CEO and chairman. This happened two months before the Audit Committee of the Hertz Board of Directors announced that the company's 2011, 2012 and 2013 annual and quarterly financial statements had to be restated. 

After initiating a search process to identify a permanent CEO, the Hertz Board selected John Tague, a former president and chief operating officer of United Airlines, as its new CEO.