Gary William Loveman (born April 12, 1960) is an American businessman and former academic professor. He was president of Healthagen and executive vice president of Aetna On January 25, 2018, it was announced at a Aetna employee meeting that Loveman would leave.
He was previously the chief executive of Caesars Entertainment Corporation for 12 years. On June 30, 2015, he resigned from his post as CEO and president of Caesars, in the midst of bankruptcy proceedings, remaining as chairman. Prior to joining Caesars Entertainment, in 1998, later known as Harrah's Entertainment, Loveman was a non-nursing professor at Harvard Business School.
Video Gary Loveman
Early life and education
Loveman grew up in Indianapolis, Indiana as the youngest of three brothers. As a child, he was interested in mathematics and active in sports. Loveman went on to attend the Wesleyan University where he earned a bachelor's degree in economics in 1982. After graduating from Wesleyan, Loveman worked for the Federal Reserve Bank of Boston for two years as an economist before pursuing a doctorate at the Massachusetts Institute of Technology. In 1989, Loveman completed his Ph.D. in the economy.
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Careers
Initial career
After graduating from MIT at the age of 29, Loveman began teaching at Harvard Business School, where he became professor for nine years. While at Harvard, Loveman taught Service Management and developed an interest in the service industry and customer service. He also launched a side career as a speaker and consultant after the 1994 paper he co-authored, "Putting the Chain of Service-Profit to Work", drew the attention of companies including Disney, McDonald and American Airlines. This paper focuses on the relationship between corporate profits and customer loyalty, and the importance of rewarding employees who interact with customers.
In 1997, Loveman sent a letter to Phil Satre, chief executive of Harrah's Entertainment, where he offered advice to grow the company. Loveman, who had done some consulting work for the company in 1991, once again began consulting for Harrah's and, in 1998, was offered the position of chief operating officer. He initially took a two-year hiatus from Harvard to take on the role of Harrah's COO, at the end of which Loveman decided to stay with the company.
Career Entertainment Caesars
Loveman served as Harrah's chief operating officer from 1998 to 2003. As COO, Loveman was responsible for establishing the company's Total Reward loyalty management system, which collected data on casino customers. The program allows companies to analyze their travel habits and customer expenses. Through this, Harrah decided that repeating slot players, not high rollers, was most profitable for the company. Under Loveman's leadership, Harrah began to focus on building loyalty and bringing more of these gamblers to the casino. Loveman also created a reward program for Harrah employees at all levels, based on customer satisfaction.
In 2003, Loveman became chief executive officer, replacing Phil Satre. The following year, Loveman developed Harrah's to become the world's largest casino operator by acquiring Caesars Entertainment Inc. As CEO, Loveman expanded Harrah's from 15 casinos in 2003 to more than 54 locations in 2013, through the acquisition of Caesars, Horseshoe Gaming Holding, Planet Hollywood, Royal Palace casinos, and World Series of Poker brands. In 2008, he led the company when transitioning from public company to private, having been acquired by private equity firm Apollo Global Management and TPG Capital for about $ 30 billion.
During the economic crisis of the late 2000s, the company experienced a decrease in income and an increase in debt related to the 2008 purchase by Apollo and TPG. Loveman cut costs and renegotiated the company's maturing debt to avoid default. His leadership of the company through debt restructuring in 2009 was praised by the president and CEO of the American Gaming Association, Frank J. Fahrenkopf, Jr.
In 2010, Loveman oversaw Harrah's transition to the name of Caesars Entertainment Corporation and led the company in an effort to bring the company into a public again. In 2012, the company successfully completed its initial public offering, which sold about two percent of its shares.
In 2013, Loveman started selling Caesars golf course in Macau. The golf course, purchased in 2007, was obtained to anticipate later acquiring game licenses and operating casinos in Macau. Loveman initially refused to purchase game licenses in Macau in 2006, a decision he described in 2010 as the biggest mistake made by the company.
Loveman, a supporter of online gambling, helped launch Caesars online gambling operations in Nevada in September 2013. In February 2015, Gary Loveman announced that he would step down from his post.
Aetna and Healthagen
He became executive vice president of Aetna and president of his Healthagen organization in September 2015. He remains Caesars chairman. In September 2017 Aetna opened a "consumer business center" in Wellesley, Massachusetts, under Loveman's supervision.
Other activities
In addition to his role with Caesars, Loveman serves on the board of directors at Coach, Inc. and FedEx. He is also on the board of directors for the American Gaming Association, where he previously served as chairman of the board from 2007 to 2009.
He is chairman of the Committee on Health and Retirement Business Roundtable and, in 2012, is appointed to the President's Export Council. Loveman is a current board member of Boston Children's Hospital and a visiting committee of the MIT Department of Economics. Loveman and his wife have also helped fundraising efforts for the Joslin Diabetes Center.
Loveman is a supporter of online gambling legalization and has published opinion pieces on topics in the Las Vegas Review Journal and on CNN Money .
Awards and acknowledgments
In 2003, Loveman's career became the subject of the Stanford Business School case study. He was recognized as the "best CEO" in the gaming and lodging industry by Institutional Investor magazine in 2004, 2005, 2006 and 2007. In 2013, Loveman was inducted into the Gaming Hall Gaming Gaming of America. Fame and was awarded the Hero Award Education by the Las Vegas Educational Foundation.
References
Source of the article : Wikipedia
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