A third high-ranking executive at Harrah’s Entertainment is to leave the company. Since the Apollo Management and Texas Pacific Group buyout deal was agreed, Harrah’s Central Division President and its Senior Vice President of Operations left as of 1 January and yesterday the Chief Operating Officer, Tim Wilmott, resigned. This has raised some questions over the new corporate governance of Harrah’s and the future direction of the company.

Wilmott was named COO three years ago and moved to Las Vegas from Atlantic City. In December at a meeting with management and supervisors in Atlantic City, Harrah’s Chairman and Chief Executive Gary Loveman stated that he and Vice Chairman Chuck Atwood would be remaining with the company. Loveman will assume the duties of Tim Wilmott when he leaves on Friday.

John Payne, COO in Atlantic City, took over from Central Division President Anthony Sanfilippo on Monday. The position vacated at Atlantic City will not be filled. Tony Santo, Senior Vice President of operations also left Harrah’s on Monday. The announcement of the three executive changes was made in an SEC filing but the company has not commented further and Tim Wilmott has only said that it was an opportune moment to make the change and that he had resigned to pursue other opportunities. (E-01.04.07)

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