UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Appointment of Board Committee Members and Creation of Corporate Social Responsibility Committee
On July 30, 2020, the Board of Directors of Caesars Entertainment, Inc. (the “Company”) created a new Corporate Social Responsibility Committee as a standing committee of the Board and also approved the following committee appointments:
| Audit Committee |
Compensation Committee |
Corporate Social Responsibility Committee |
Nominating and Corporate | |||
| David Tomick (Chair) |
Don Kornstein (Chair) |
Jan Jones Blackhurst (Chair) |
Frank Fahrenkopf (Chair) | |||
| Bonnie Biumi |
Courtney Mather |
Don Kornstein |
Jan Jones Blackhurst | |||
| James Nelson |
Michael Pegram |
Courtney Mather James Nelson |
Don Kornstein David Tomick |
These appointments are subject to any necessary regulatory approval.
Adjustments to Named Executive Officer Compensation
On July 29, 2020, the Compensation Committee of the Board of Directors (the “Compensation Committee”) of the Company approved adjustments to the compensation packages of the Company’s named executive officers. The Compensation Committee approved these adjustments based on the advice and recommendation of its independent compensation consultant after taking into account the market competitiveness of the named executive officers’ compensation packages following the merger. These changes are intended to reflect the increased roles and responsibilities of the named executive officers going forward.
Specifically, the Compensation Committee approved the following changes to the named executive officers’ compensation packages: (1) the base salaries for Messrs. Reeg, G. Carano, A. Carano, Yunker, and Quatmann were increased to $2,000,000, $1,400,000, $1,300,000, $1,000,000 and $750,000, respectively, (2) the target bonus opportunities for Messrs. Reeg, Yunker and Quatmann were increased to 200%, 125% and 100% of base salary, respectively, and (3) the target long-term incentive opportunities for Messrs. Reeg and Quatmann were increased to 350% and 150% of base salary, respectively.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: July 31, 2020 |
CAESARS ENTERTAINMENT, INC. | |||||
| By: |
/s/ Edmund L. Quatmann, Jr. | |||||
| Executive Vice President, Chief Legal Officer and Secretary | ||||||