Mark Frissora
A major contributor to this article appears to have a close connection with its subject. (December 2016) |
Mark Frissora | |
---|---|
Born | Mark Paul Frissora August 1955 (age 68)[1] Columbus, Ohio, U.S. |
Nationality | American |
Alma mater | Ohio State University (B.A.) |
Occupation(s) | Business executive and philanthropist |
Years active | 1977–present |
Website | markfrissora |
Mark Paul Frissora (born August 1955)
Prior to his July 2015 appointment as Caesars' CEO,
Frissora entered his role as CEO of Tenneco in 2000. Prior to stepping down in 2006,[6] he was attributed to raising Tenneco's revenue by 39 percent for a total of $4.4 billion.[7] Frissora subsequently joined The Hertz Corporation as CEO in 2006.[6] On January 1, 2007 he became company chairman.[8]
Frissora was named by Business Travel News as one of the most "Influential Business Travel Executives" of 2012.[9] While holding his position at Hertz, Frissora was an active participant in international business groups including Business Roundtable, the World Economic Forum,[5] McKinsey CEO Advisory Council,[10][11] and the G100.[11] Frissora was presented with the Oliver R. Grace Award for Distinguished Service in Advancing Cancer Research in 2012.[12] He stepped down from Hertz in September 2014.[13]
Early life and education
Frissora was born in August 1955[14] in Columbus, Ohio where he spent his childhood.[7] He earned a B.A. from Ohio State University and later attended Babson College in Massachusetts.[4] Frissora later enrolled in Thunderbird School of Management in Arizona where he studied executive development.[4][5][11]
Career
Early management roles (1978–2000)
Frissora began his career in 1978 at
- Increasing 1992 profits by $8.2 million through developing a new inventory management program.
- Successfully launching 10 new value-added lighting products in one year.
- Directing the creative efforts for the PastelsTM advertising campaign, which earned the 1990 Mobius Certificate for Outstanding Creativity and was recommended for Best of Festival (2/2/90).
He went on to Aeroquip-Vickers as Vice President from 1991-96.[4][5]
In 1996, Frissora repositioned to Tenneco where he would again serve in several management positions. His initial role was VP of North American Emissions Control Operations for Walker Manufacturing. Frissora later served as Senior VP and General Manager of Tenneco's worldwide original equipment business from 1998 until March 1999. He was appointed as Tenneco's CEO and its President of Automotive Operations shortly thereafter in April. He joined Tenneco's Board of Directors, of which he was elected chairman, in March [5] of 2000.
The Press of Atlantic City alleged that Tenneco Automotive had been "circling the drain" and struggling with significant debt. The news source also reported Frissora was selected as CEO for his ability to "lean things out — for identifying process flaws by looking beyond the balance sheet to re-engineer what's actually happening on the ground at a company's plants."[7]
Growth at Tenneco (2001–2006)
As CEO and chairman, Frissora targeted growth markets and sought to diversify revenue streams. By 2004 he had developed revenue boosting strategies in a number of platforms, logistics, customers, markets and product lines at Tenneco.[16][17] Tenneco improved the market share positions for a number of its products.
However, in 2004, Tenneco earned a net income of $13 million, which represented a 52% drop from its 2003 figure. The company attributed this drop to restructuring changes and higher steel costs. The following year marked "the first time Tenneco put together two consecutive profitable years since the current configuration of the company was launched in 1999."[17]
By February 2005, and since 1999,
Appointment to Hertz CEO (2006–2013)
In July 2006, Frissora accepted a position as CEO of
That summer Hertz offered discounts on gasoline and other fees in order to make car rentals more customer-friendly and affordable.
Other strategic developments during Frissora's tenure included engineering Hertz's November 2012 acquisition of
According to Reuters at the time, "the acquisition is expected to save the merged company at least $160 million annually and cement Hertz's No. 2 position in the global car rental rankings."[24] Hertz's shareholder value increased significantly during this period, and by May 2013 Hertz had realized a return of 230% on their shares since going public.[19]
Frissora credited both the Donlen and Dollar Thrifty acquisitions with enabling Hertz to broaden current market reach, and providing exposure to new markets, via leasing, fleet management consulting, and managing fleet acquisitions and dispositions more efficiently.[25]
Expansion of Hertz Corporation (2013–2014)
In May 2013,[26] Frissora announced Hertz would relocate to Estero, Florida from New Jersey, with the new building to combine staff from both Dollar Thrifty and Hertz. The relocation was to be completed in 2016.[27] By November 2013, Hertz was the "largest publicly traded rental car operator in the United States."[20] Hertz stated revenue increases of 34 percent, and up to $10.8 billion, between 2006 and 2013.[7]
By that time worldwide car rental revenues went up 37% and up to $8.7 billion; U.S. off-airport locations doubled, revenues increased by 45%, and the total number of locations increased from 7,600 to 11,200.[24][28] In 2014 Reuters wrote that Frissora was "credited for the shrewd acquisitions that helped Hertz to grow into a $12.7 billion company - more than two-and-a-half times its value when it listed in 2006, shortly after Frissora took the helm."[29]
In the summer of 2014,
Appointment to Caesar's CEO (2015)
In February 2015, Caesars Entertainment Corporation announced Frissora would be replacing Gary Loveman as their new CEO[31] and president, effective July 1, 2015.[2][3] Frissora immediately joined the board[3] and Loveman temporarily remained Caesars' chairman to help with the transition.[19][31]
Although Caesars had been the world's largest casino company a decade earlier,
As CEO designee from February to July 2015, Frissora stated he had "visited most of [Caesars'] domestic properties, met with all of the company's senior leaders" and focused on "identifying new opportunities to drive growth and efficiency."[2] Thereafter, he joined the board of Caesars Entertainment Corporation[5] and was appointed president and CEO of Caesars Enterprise Services (CES), as well as the CES Steering Committee.[34]
On April 16, 2019, Caesars announced that
Push for new gaming platforms (2016-2017)
After officially assuming position as of CEO and President of Caesars Entertainment[13] in September 2015, the press quoted Frissora at the Global Gaming Expo stating he had been "shocked" with the lack of innovation in the casino industry at large, noting a lack of marketing that targeted millennials. At the conference he announced new experiments by Caesars to appeal to younger gamblers. One experiment in particular would include a "casino within a casino" on the Las Vegas Strip with interchangeable walls to change the feel of the space as needed.[37]
Frissora added they would be pursuing "skill-based slots", recently legalized by the state of
As of October 2016, Frissora continued focusing on bringing in new games that appeal to younger casino customers. According to
Frissora rang the opening bell for Nasdaq in New York in October 2017.[40] The press noted in October 2017 that Caesars was successfully recovering from its bankruptcy.[41] Frissora outlined plans to investors to further franchise its brands with other partners, renovate rooms, introduce new entertainment and food, and also finish development on a convention center in Las Vegas, among other projects.[42]
Non-executive board and council memberships
Frissora has been involved with a number of boards and organizations beyond his direct employers. In June 2002 he joined of the board of
As a Walgreen Co. director, he was chairman of their finance committee as of 2014, as well as a member of their nominating and governance committee.[11] He was chairman of Walgreens finance committee[43] until he left the board in April 2015.[44]
He has been a member of the Business Roundtable since before 2005,[45] and is on the World Economic Forum's Automotive Board of Governors.[5] He is also a member of the G100.[11]
Recognition and awards
Frissora was named No. 5 on Business Travel News' list of the 25 Most Influential Business Travel Executives of 2012.[9][29] In addition, he was presented with the 2012 Oliver R. Grace Award for Distinguished Service in Advancing Cancer Research by the Cancer Research Institute.[12]
Personal life
Born and raised in Columbus, Ohio,[7] Frissora is divorced, and has four children.
See also
- List of chief executive officers
- List of Ohio State University people
- List of people from Columbus, Ohio
References
- ^ a b Profile (with month/year of birth), companieshouse.gov.uk; accessed January 5, 2017.
- ^ a b c "Mark Frissora takes charge as CEO of Caesars Entertainment". Gaming Intelligence. July 1, 2015. Retrieved July 2, 2015.
Former Hertz chief executive Mark Frissora has taken over as president and CEO of Caesars Entertainment Corporation effective today, completing the transition plan announced by the operator in February earlier this year.
- ^ a b c "Caesars Entertainment (CZR) Says Mark Frissora to Become CEO, Loveman to Continue as Chairman". StreetInsider.com. February 4, 2015. Retrieved March 11, 2015.
- ^ Caesars Entertainment Corporation. Archived from the originalon October 4, 2013. Retrieved March 11, 2015.
- ^ a b c d e f g h i j "Mark P. Frissora". Bloomberg. Retrieved October 3, 2016.
- ^ a b c "Leading in the 21st century: An interview with Hertz CEO Mark Frissora". McKinsey & Company. November 1, 2013. Retrieved March 11, 2015.
- ^ Press of Atlantic City. Retrieved October 3, 2016.
- ^ a b "Frissora Steps Down as Hertz CEO, Chairman". Auto Rental News. September 8, 2014. Retrieved March 11, 2015.
- ^ a b c "The 25 Most Influential Business Travel Executives Of 2012". Business Travel News. January 22, 2013. Retrieved March 11, 2015.
- ^ "Management - Mark P. Frissora". Caesars Entertainment. Archived from the original on October 4, 2013. Retrieved October 15, 2016.
- ^ a b c d e f "Hertz chairman and CEO Mark Frissora steps down". Post Online Media. September 9, 2014. Retrieved March 11, 2015.
- ^ a b "26th Annual Awards". Cancer Research Institute. October 17, 2012. Retrieved March 11, 2015.
- ^ Bloomberg Business. Retrieved March 11, 2015.
- ^ a b Glothier, Mark (September 8, 2014). "Hertz Chief Frissora Steps Down After Missteps, Pressure". Bloomberg. Retrieved October 3, 2016.
- ^ Florian Kratz, Ellen (April 18, 2005). "Get me a CEO from GE!". Fortune. Retrieved October 3, 2016.
- ^ "Execution and Discipline Drive Results: Tenneco Automotive Inc. 2004 Annual Report" (PDF). Tenneco Automotive. Retrieved March 15, 2015.
- ^ a b Tita, Bob (June 4, 2005). "Tenneco looks abroad for expanding sales". Crain's Chicago Business. Retrieved March 15, 2015.
- ^ "Tenneco Annual Report 2005: Global Growth by Design" (PDF). Tenneco Inc, Annual Report 2005. Retrieved March 15, 2015.
- ^ Caesars Entertainment. February 4, 2015. Retrieved March 15, 2015.
- ^ a b Kirkland, Rik (November 2013). "Leading in the 21st century: An interview with Hertz CEO Mark Frissora". McKinsey. Retrieved October 3, 2016.
- New York Times. Retrieved March 11, 2015.
- ^ Collett, Stacy (October 12, 2012). "Hertz Improves Customer Experience With Friendlier Kiosks". CIO. Retrieved March 24, 2014.
- ^ Terlep, Sharon; Kendall, Brent (November 15, 2012). "Hertz to Get Approval of Dollar-Thrifty Deal". The Wall Street Journal. p. B9.
- ^ a b c "Hertz forecasts strong 2013 as pricing improves". Reuters via CNBC. July 29, 2013. Retrieved March 15, 2015.
- ^ "Interview: Hertz CEO Mark Frissora". Business Travel News. January 4, 2016. Retrieved October 3, 2016.
- ^ a b Engstrom, Tim (October 19, 2014). "Hertz financial health remains a mystery". News Press. Retrieved October 3, 2016.
- ^ "Hertz CEO already has Naples roots". Business Observer. May 14, 2013. Retrieved October 3, 2016.
- ^ "Hertz 2013 Annual Report". Hertz Corporation. Retrieved March 15, 2015.
- ^ a b "Hertz CEO Mark Frissora is stepping down, citing personal reasons". Reuters. CNBC. September 8, 2014. Retrieved October 3, 2016.
- Wall Street Journal. Retrieved October 3, 2016.
- ^ Wall Street Journal. Retrieved October 3, 2016.
- ^ a b "Caesars casinos files for bankruptcy". Fortune. January 1, 2015. Retrieved October 15, 2016.
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ignored (help) - ^ a b Farkas, Karen (November 2, 2015). "Rock Gaming takes over management of Horseshoe Cleveland Casino from Caesar's Entertainment". cleveland.com. Retrieved February 26, 2016.
- ^ "Mark Frissora Becomes President and CEO of Caesars Entertainment Corporation". Caesars. July 1, 2015. Retrieved October 4, 2016.
- ^ "Caesars Entertainment Appoints Tony Rodio as Chief Executive Officer". Caesars Entertainment Corporation. Retrieved 17 April 2019.
- ^ Chappell, Carmin (1 November 2018). "Mark Frissora is out as CEO of Caesars Entertainment". www.cnbc.com. Retrieved 17 April 2019.
- ^ a b Pierceall, Kimberly (September 30, 2015). "Caesars' new CEO shocked with lack of casino innovation". The San Diego Union-Tribune. Retrieved October 3, 2016.
- ^ "Putting it all on grey". The Economist. October 8, 2016. Retrieved October 15, 2016.
- ^ "Caesars Entertainment Recognized as Sustainable Travel Leader". Caesars Entertainment Press Release. November 2016. Retrieved 2016-11-17.
- ^ Las Vegas Sun - “Caesars executives to ring Nasdaq's opening bell”, Thomas Moore, October 23, 2017
- ^ Barron's “Caesars Returns to Building Its Gaming Empire”, Andrew Bary, 21 October 2017
- ^ Richard N. Velotta, Las Vegas Review-Journal: “Caesars executives outline Las Vegas growth plans”, October 24, 2017.
- ^ "Meet the board". Walgreens. Retrieved 2016-10-04.
- ^ "CEO and President Director and Chairman of Executive Committee". Mark Frissora - Caesars Entertainment Insider. Retrieved October 4, 2016.
- ^ "Emma Bloomberg, Christopher Frissora". The New York Times. June 12, 2005. Retrieved October 3, 2016.