CAC chief executive earns almost $100M after sale of business unit
Mitch Garber, chief executive officer of Caesars Acquisition Corp (CAC), earned nearly $100 million last year after selling a business unit that he owned shares in for a $4 billion profit.
Caesars Interactive Entertainment (CIE), an indirect subsidiary of CAC, sold its social and mobile games business to a Chinese consortium in September for $4.4 billion in cash.
Current and former employees of CIE, including Garber, owned 14.7 percent of the company. Prior to the sale, CIE repurchased the shares held by its minority investors, including Garber, in exchange for cash payments.
Garber received $91.1 million, including $89.4 million from unvested CIE equity awards, according to a Securities and Exchange Commission filing. He also received a combined salary of $558,573 and bonus of $1.1 million from CAC and CIE.
Garber helped create CIE in 2009 and has served since as its chief executive officer.
Contact Todd Prince at tprince@reviewjournal.com or 702-383-0386. Follow @toddprincetv on Twitter.
