Caesars welcomes Kim Harris Jones to the Board

Lea Hogg 2 weeks ago

Caesars Entertainment has recently welcomed Kim Harris Jones (pictured above), to its board of directors. This appointment marks a significant milestone in the company’s leadership, as Harris Jones brings a wealth of experience from various sectors outside the gambling industry.

Harris Jones’s professional journey is marked by her tenure at several prominent US corporations. She spent 16 years at Kraft, where she ascended to the position of SVP and corporate controller of its Mondelez International subsidiary following a spin-off. Prior to Kraft, Harris Jones held numerous leadership roles at Chrysler for 17 years, culminating in her role as SVP and corporate controller. Her career also includes a six-year stint at General Motors.

Caesars CEO Tom Reeg expressed his pleasure at welcoming Harris Jones to the board, praising her vision for strategic, collaborative innovation. He highlighted her exceptional experience in navigating complex issues and implementing transformation for optimization. Reeg looks forward to working with Harris Jones, the board, and the management team to continue driving results for their guests, team members, and shareholders.

As the 10th member of Caesars’ board, Harris Jones will provide oversight to the company and play a crucial role in setting its strategic direction. She is a University of Michigan graduate and serves on several other boards, including United Rentals, True Blue, and Fossil Group. Additionally, she is a member of the Ethiopian North American Health Professionals Association and the finance committee of the Consortium for Graduate Study in Management.

Revamping Caesars’ leadership

Caesars executive chairman Gary Carano hailed Harris Jones as a tremendous addition to the Caesars Entertainment leadership team. He emphasized her extensive experience in finance and her reputation as a thoughtful and engaged leader within some of the largest consumer-packaged goods and automotive companies. Carano believes that Harris Jones’s addition will provide a new perspective for envisioning a stronger, more dynamic future for Caesars Entertainment.

This board appointment comes at a critical juncture for Caesars’ online business, which has been experiencing declining sports betting revenue due to poor hold performance. The company also faces challenges in its flagship Las Vegas business, which analysts at JMP Securities predict will see a 5% decline in EBITDA year-on-year in its Q1 report. Another long-term challenge is the company’s ongoing effort to deleverage the business, which reported $12.3bn in debt as of 31 December 2023.

As of now, Caesars Entertainment, Inc. (CZR) is trading at $35.82, down 4.66 percent. Despite these challenges, the addition of Kim Harris Jones to the board signals a promising new era of leadership for the company.