Six senior executives are out as Trump emerges from Chapter 11 bankruptcy under new ownership
Six senior executives, including the heads of Atlantic City’s Trump Taj Mahal and Trump Plaza Hotel and Casino, are leaving the company.
According to a report in The Press of Atlantic City, Trump Entertainment Resorts, the casinos’ operating company, which is emerging from Chapter 11 bankruptcy protection under new ownership, is buying out the executives as part of a “change of control” provision in their employment contracts.
Corporate bondholders aligned with Donald Trump bought the company for $225 million in a bankruptcy battle that ended with state approval in July of the new ownership structure.
Leaving the company are Taj Mahal General Manager Rosalind Krause and Trump Plaza GM Jim Rigot; Joseph A. Fusco, executive vice president of government affairs; Craig D. Keyser, executive vice president of human resources; Richard M. Santoro, executive vice president of asset protection and risk management; and Ravneet Bhandari, senior vice president of revenue management.
Trump Entertainment CEO Mark Juliano is slated to run the Taj Mahal on what is probably an interim basis. Mark Sachais, general manager of Trump Marina Hotel Casino, will temporarily oversee Trump Plaza.
Management shake-up at Trump
September 1, 2010