Tech firm executive joins Caesars as CFO

That company, with us$ 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., CFO of European Silicon Structures and several financial roles at Motorola.

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 us$ 19.961 billion in long-term debt and losses through the first nine months of 2012 totaling us$ 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. He earned a bachelor’s degree in economics and an MBA from the University of Strathclyde in Scotland.