Caesars Entertainment Corp. gave Carl Icahn seats on its board, putting the billionaire in position to influence the choice of a new chief executive officer and push harder for a sale of the gambling giant, Bloomberg News reported. Three Icahn-backed candidates, Keith Cozza, Courtney Mather and James Nelson, will replace three existing board members effective immediately, Caesars said in a statement Friday. Icahn has the right to appoint a fourth member if a CEO amenable to the new directors isn’t chosen within 45 days. Caesars, the largest owner of casinos in the U.S., is under pressure from shareholders to boost returns or find a buyer. In recent weeks, investors including Icahn, Canyon Partners and Oppenheimer Funds have all urged the company to consider a sale. Caesars CEO Mark Frissora is slated to step down at the end of April and the company has been searching for his replacement. The Las Vegas-based company, whose properties include the flagship Caesars Palace and the Harrah’s chain, is still coping with the fallout of a 2008 leveraged buyout led by Apollo Global Management and TPG that left it with a mountain of debt. The company engineered a bankruptcy of its largest unit two years ago that brought in new board members and shareholders, including distressed debt investors.
