Tech firm exec joins Caesars as chief financial officer
15 November 2012
Casino resort operator Caesars Entertainment Corp. today said Donald Colvin will join the company in the high-profile position of executive vice president and chief financial officer.
Colvin had served as executive vice president and CFO of ON Semiconductor Corp. of Phoenix from April 2003 to October 2012.
That company, with $3.7 billion in assets, provides silicon products for energy-efficient electronics.
Before that, he held a number of financial leadership positions, including vice president of finance and CFO of Atmel Corp., CFO of European Silicon Structures and several financial roles at Motorola Inc.
At Las Vegas-based Caesars, Colvin succeeds Jonathan Halkyard, who resigned in May to become CFO and executive vice president at NV Energy.
The CFO job at Caesars is seen as critically important, as the company for several years has been involved in debt refinancings and buybacks aimed at keeping its financial position liquid. Analysts this year more frequently have been suggesting the company will need to restructure, given its $19.961 billion in long-term debt and losses through the first nine months of 2012 totaling $1.018 billion.
Much of the nine-month loss this year was on paper only and resulted from accounting adjustments to write down the value of assets. Caesars executives say the company has plenty of liquidity to grow its way out of its financial situation.
“Donald brings to Caesars more than two decades of financial leadership experience and a track record in driving financial strategy, managing complex balance sheets, executing and integrating acquisitions and increasing shareholder value,” Caesars CEO Gary Loveman said in a statement today. “His experience will be a valuable addition to Caesars Entertainment, as we execute our strategy to expand our distribution network and further improve our capital structure.”
“Caesars has a strong operating business and ambitious growth plans,” Colvin said in a statement. “I look forward to working with Gary, the senior management team and my new colleagues to drive the company’s future growth and success.”
Colvin is a director and chairman of the audit committee of Isola Group and was previously a director of Applied Micro Circuits Corp. He earned a bachelor’s degree in economics and an MBA from the University of Strathclyde in Scotland.
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