LAS VEGAS (AP) — Caesars will replace three members to its board with directors chosen by billionaire Carl Icahn.
Icahn recently revealed a 10 percent stake and last week the Las Vegas company acknowledged it had been in talks with the activist investor about its leadership.
The casino said Friday that Keith Cozza, Courtney Mather and James Nelson of the Icahn Group will immediately take the place of three existing board members. Icahn wants a say in who takes over when CEO Mark Frissora steps down, as he has said he would.
The Icahn Group, as part of the agreement announced Friday, has the right to appoint a fourth director if a CEO that’s acceptable to the new board members isn’t named within 45 days.
Shares of Caesars Entertainment Corp. are up 2 percent.