Casino operator Caesars Entertainment (CZR) - Get Report on Tuesday formally announced that Anthony Rodio has been named CEO, and that it has officially formed a transaction committee to explore a possible sale.
Rodio, currently CEO of Affinity Gaming, will take the helm from Mark Frissora, Caesars' current CEO.
The move to oust Frissora comes after a push by billionaire activist investor Carl Icahn to appoint Rodio as part of an effort to turn the ailing company around and sell it. Icahn controls 18% of Caesars.
Rodio has about four decades in the gaming business and also previously worked at Tropicana Entertainment, which was once also controlled by Icahn.
Separately, Caesars said it has formed a so-called transaction committee to work with bankers at PJT Partners to "evaluate various paths for enhancing shareholder value, including continuing to operate as an independent public company."
Caesars shares were down 0.53% at $9.33 in early trading on Tuesday. Shares of Eldorado resorts were little changed at $49.17.