Caesars appoints execs from activist investor firm to board
Jesse Lynn and Ted Papapostolou, general counsel and CFO of Carl Icahn-owned Icahn Enterprises, onboarded amid suggestions Caesars Digital could be spun-off
Caesars Entertainment has appointed two executives from activist investor Carl Icahn’s investment firm, Icahn Enterprises, to its board of directors.
Icahn Enterprises general counsel Jesse Lynn and group CFO Ted Papapostolou have both joined the Caesars board as independent directors, subject to customary regulatory approvals.
Papapostolou has worked for Icahn Enterprises for the last 18 years, assuming the CFO role in November 2021. He previously served as the company’s chief accounting officer.
Alongside serving as Ichan Enterprises general counsel, Lynn is also the COO for Icahn Capital. He previously had spells with Xerox and Herbalife.
The addition of the two execs will take the number of directors on Caesars’ board to 12, with 10 of them independent.
The Las Vegas-based firm said further details on the agreement to bring the pair onto the board will be released in due course on the Securities and Exchange Commission.
However, Caesars did note that “Icahn Enterprises and certain of its affiliates have agreed to customary standstill, voting commitments, and other provisions.”
Icahn, who’s 89, reportedly obtained a 1.1% stake in Caesars back in May 2024, equivalent to 2.44 million shares. The news sent Caesars’ stock soaring by 15% at the time.
His investment in Caesars initially began in 2018, with his stake in the company eventually growing to 25%.
Icahn lobbied hard for the company’s eventual sale to Eldorado Resorts in July 2020, having agitated to put preferred members on the board as part of his activism.
After the deal was finalized, Icahn cashed out his shares and sold off his holdings in the company.
On the two new appointments, Caesars CEO Tom Reeg said: “I would like to welcome Jesse and Ted to the board. Jesse and Ted bring diverse and relevant experience that will assist the board in maximizing value for all shareholders.”
Icahn added: “I have great respect for Tom Reeg and the senior management team and what they have accomplished since the merger in 2020.
“We look forward to working with Tom and the board to maximize value for all shareholders, including by exploring strategic alternatives for the company’s underappreciated digital business.”
Last month, Reeg refused to rule out the possibility of Caesars’ online arm, Caesars Digital, spinning off and operating as its own separate, publicly owned company.
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