A chief executive officer ( CEO ), also known as a chief executive or managing director , is the top-ranking corporate executive charged with the management of an organization , usually a company or a nonprofit organization .
59-555: Tilman Joseph Fertitta (born June 25, 1957) is an American businessman and television personality. He is the chairman, CEO , and owner of Landry's, Inc. He also owns the National Basketball Association (NBA)'s Houston Rockets . Fertitta is chairman of the board of regents of the University of Houston System . As of June 2023, his net worth was estimated at $ 8.4 billion. He was placed at No. 260 on
118-575: A commercial moniker during radio and television broadcasts. A Landry's sign is placed above the section, along with many of the company's subsidiaries. Traditionally, when a fan catches a home run , they are awarded a gift certificate to one of Landry's restaurants. Landry's promoters often visit the section and give away items such as T-shirts . On September 4, 2017, he agreed to purchase the Rockets from Leslie Alexander , pending league approval, for an NBA record $ 2.2 billion. On October 6, 2017, Fertitta
177-488: A company's business decisions, including those in operations, marketing, business development , finance, human resources , etc. The use of the CEO title is not necessarily limited to describing the head of a company. For example, the CEO of a political party is often entrusted with fundraising, particularly for election campaigns. In some countries, there is a dual board system with two separate boards, one executive board for
236-424: A corporation or company typically reports to the board of directors and is charged with maximizing the value of the business, which may include maximizing the profitability , market share , revenue , or another financial metric. In the nonprofit and government sector, CEOs typically aim at achieving outcomes related to the organization's mission, usually provided by legislation . CEOs are also frequently assigned
295-402: A facade of charm and eloquence. Traits such as courage and risk-taking, generally considered desirable, are often found alongside these psychopathic tendencies. Tara Swart, a neuroscientist at MIT Sloan School of Management , has suggested that individuals with psychopathic traits thrive in chaotic environments and are aware that others do not. As a result, they may intentionally create chaos in
354-462: A formal delegation of authority regarding business administration . Typically, responsibilities include being an active decision-maker on business strategy and other key policy issues, as well as leader , manager, and executor roles. The communicator role can involve speaking to the press and to the public, as well as to the organization's management and employees; the decision-making role involves high-level decisions about policy and strategy. The CEO
413-566: A long stretch of the Strip by acquiring Mandalay Resort Group, building City Center, and beginning construction in Macau. Gaming revenue on Fremont Street had peaked in fiscal year 1993. The Golden Nugget was sold in 2003, for $ 215 million to Poster Financial Group , owned by Timothy Poster and Thomas Breitling . When Poster Financial assumed control of the Golden Nugget, they began to upgrade
472-601: A political organization. Morey later deleted the tweet. In April 2020, Governor Greg Abbott named Fertitta to the Strike Force to Open Texas – a group "tasked with finding safe and effective ways to slowly reopen the state" during the COVID-19 pandemic . Fertitta is known to support political leaders in both the Republican and Democratic parties. In particular, Fertitta has been a supporter of both Bill Clinton and
531-519: A related development, British politician Andy McDonald received praise for educating a CEO on the role of trade unions. This occurred as the restaurant chain McDonald's faced scrutiny in the UK Parliament over allegations of a toxic workplace culture. Golden Nugget Las Vegas The Golden Nugget Las Vegas is a luxury hotel and casino located in downtown Las Vegas , Nevada on
590-599: A source of criticism following a dramatic rise in pay relative to the average worker's wage . For example, the relative pay was 20-to-1 in 1965 in the US, but had risen to 376-to-1 by 2000. The relative pay differs around the world, and, in some smaller countries, is still around 20-to-1. Observers differ as to whether the rise is due to competition for talent or due to lack of control by compensation committees. In recent years, investors have demanded more say over executive pay. Lack of diversity amongst chief executives has also been
649-504: A source of criticism. In 2018, 5% of Fortune 500 CEOs were women. In 2023 the number rose to 10.4% of for Women CEO's of Fortune 500 companies . The reasons for this are explained or justified in various ways, and may include biological sex differences, male and female differences in Big Five personality traits and temperament, sex differences in psychology and interests, maternity and career breaks, hypergamy , phallogocentrism ,
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#1732794595741708-464: A team. It was speculated he was working on a deal to purchase the Arizona Coyotes prior to their deactivation in 2024. Fertitta has continually stated his interest in owning a hockey team and believes that one would boost the economy of downtown Houston. In September 2024, it was reported by Andy Strickland that for the upcoming board of governors meeting regarding expansion, Houston was one of
767-487: A view of one of the aquariums. The pool is a $ 30 million unique three-level adventure with an enclosed slide through a shark tank, hidden grottos, swim-up bars, jacuzzis and multi-depth areas. Tom Breitling and Tim Poster were the highest profile successful entrepreneurs who profited in the downtown market during the last crisis. As recounted in Tom Breitling's book, Double or Nothing , the partners agreed to buy
826-627: Is a close friend of retired NASA astronaut and Arizona senator Mark Kelly , and his wife, former Arizona congresswoman Gabby Giffords . Fertitta is chairman of the board of the Houston Children's Charity. In 2009, Texas Governor Rick Perry appointed Fertitta to the board of regents of the University of Houston System . In 2008, Fertitta was named chairperson of the Houston Police Department's Police Foundation, supplying gear and equipment for Houston Police Officers. He
885-711: Is a high speed wooden roller coaster. He also added the Boardwalk FantaSea, which is a luxury yacht cruise service where guests ride along the Galveston Bay . The marina on the boardwalk has a large concentration of boats and yachts in the Greater Houston area. The boardwalk also includes an aquarium, which is under the same Landry's line of aquarium restaurants with locations in Houston, Denver , and Nashville . Travel + Leisure magazine named
944-472: Is a vocal supporter of the University of Houston Cougars and can be seen at most Cougar football and men's basketball games as well as court side for Houston Rockets basketball games. In 2016, Fertitta donated $ 20 million to rebuild the University of Houston's basketball home of Hofheinz Pavilion, since renamed Fertitta Center , along with donations for the construction of TDECU Stadium . Fertitta
1003-402: Is often used in lieu of chief executive officer. Business publicists since the days of Edward Bernays (1891–1995) and his client John D. Rockefeller (1839–1937) and even more successfully the corporate publicists for Henry Ford , promoted the concept of the " celebrity CEO". Business journalists have often adopted this approach, which assumes that the corporate achievements, especially in
1062-946: Is on the executive committee for the Houston Livestock Show and Rodeo . He is a board member of the Texas Heart Institute , the Museum of Fine Arts, Houston , and the Greater Houston Partnership . In May 2022, The University of Houston College of Medicine received a $ 50 million pledge from Fertitta, the school was renamed the Tilman J. Fertitta Family College of Medicine. CEO CEOs find roles in various organizations, including public and private corporations , nonprofit organizations , and even some government organizations (notably state-owned enterprises ). The governor and CEO of
1121-418: Is sometimes included as one such subordinate executive officer, but, as suggested by Anthony Johndrow, CEO of Reputation Economy Advisors, it can also be seen as "simply another way to add emphasis to the role of a modern-day CEO – where they are both the external face of, and the driving force behind, an organization culture". In the US, the term "chief executive officer" is used primarily in business, whereas
1180-427: Is tasked with implementing the goals, targets and strategic objectives as determined by the board of directors. As an executive officer of the company, the CEO reports the status of the business to the board of directors, motivates employees, and drives change within the organization. As a manager, the CEO presides over the organization's day-to-day operations. The CEO is the person who is ultimately accountable for
1239-542: Is to prevent a conflict of interest and too much power being concentrated in the hands of one person. In the United States, the board of directors (elected by the shareholders ) is often equivalent to the supervisory board, while the executive board may often be known as the executive committee (the division/subsidiary heads and C-level officers that report directly to the CEO). In the United States, and in business,
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#17327945957411298-552: The Dictionary says that the use of "CEO" as an acronym for a chief executive officer originated in Australia , with the first attestation being in 1914. The first American usage cited is from 1972. The responsibilities of an organization's CEO are set by the organization's board of directors or other authority, depending on the organization's structure. They can be far-reaching or quite limited, and are typically enshrined in
1357-737: The Forbes Billionaires List . Forbes calls him the "World's Richest Restaurateur". Fertitta became the star of Billion Dollar Buyer on CNBC . On September 5, 2017, Fertitta reached an agreement to buy the Houston Rockets for $ 2.2 billion. Tilman Joseph Fertitta was born in Galveston, Texas , on June 25, 1957. He is of Sicilian descent. His father, Vic, owned a seafood restaurant on Galveston Island , and after school, Tilman would peel shrimp in his father's restaurant. Fertitta attended Texas Tech University and
1416-593: The Fremont Street Experience . The property is owned and operated by Landry's, Inc. It has 2,419 hotel rooms. The Golden Nugget was originally built in 1946, making it one of the oldest casinos in Las Vegas. Jackie Gaughan at one time owned a stake in the hotel as part of his many downtown properties. Steve Wynn bought a stake in the Nugget, which he increased so that, in 1973, he became
1475-583: The University of Houston , studying business administration and hospitality management but never graduated. His first entrepreneurial experience involved selling and promoting Shaklee vitamins. In the 1980s, Fertitta founded and ran a construction and development business, and developed his first major project, the Key Largo Hotel in Galveston. Fertitta was a partner in the first Landry's Restaurant, Landry's Seafood , which opened its doors in
1534-466: The Bull, (2) No Spare Customers, (3) Change, change, change, (4) Know Your Numbers, (5) Follow the 95/5 Rule, and (6) Take No Out of Your Vocabulary" In 1991 Fertitta married Paige Farwell with whom he has four children, a daughter and three sons. Fertitta is now married to a Houston attorney, Lauren Ware. He is third-cousin to former UFC owners Lorenzo and Frank Fertitta . An avid sports fan, Fertitta
1593-560: The Bush family. Together with his spouse, Fertitta contributed $ 140,000 to Donald Trump 's 2020 presidential campaign and $ 5,600 to Joe Biden 's 2020 presidential campaign . Mark Kelly , a Democrat and current United States Senator from Arizona, is considered to be a very close friend of Fertitta. He is also a large donor to Republican candidates, funding the reelection campaign for many state Republicans in 2022. He notably donated over $ 1.1 million to Greg Abbott . On January 12, 2016, it
1652-535: The CEO is also the president, is the vice president (VP). An organization may have more than one vice president, each tasked with a different area of responsibility (e.g., VP of finance, VP of human resources). Examples of subordinate executive officers who typically report to the CEO include the chief operating officer (COO), chief financial officer (CFO), chief strategy officer (CSO), chief marketing officer (CMO) and chief business officer (CBO). The public relations -focused position of chief reputation officer
1711-569: The Catch Restaurants. He is the owner of the holding company Fertitta Entertainment . Fertitta first built the Key Largo Hotel in Galveston, Texas and then sold it in order to buy the rights to Landry's. After acquiring restaurants under the company, Fertitta started focusing more on the hospitality division of Landry's and acquired the San Luis Resort, Spa, & Conference Center in Galveston, Texas . He also partnered with
1770-638: The Chart House restaurant. The world's largest gold nugget on display, the Hand of Faith , is still shown today in the Golden Nugget lobby. Weighing 875 troy ounces (960 oz; 60.0 lb; 27,200 g) and 18 inches (46 cm) in length, the Hand of Faith was found near Kingower, Victoria , Australia , and put on display at the casino in 1981 amid a number of other gold nuggets. The casino's large hotel sign at its entrance off Fremont and Casino Center
1829-721: The City of Galveston to build the conference center in 2004 inside the resort. Fertitta since acquired two additional hotels on the island, including the Holiday Inn On the Beach in 2003, and the Hilton Galveston Island Resort in 2004, which stands adjacent to his San Luis Resort. In 2015, Fertitta added the Villas at San Luis section of the hotel, which consists of ultra-luxury villas with direct access to both
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1888-404: The Golden Nugget. The second hotel tower opened in 1984 along with the showroom, and the third tower was opened in 1989. In 2000, the Golden Nugget (and all of Mirage Resorts ' other properties) was sold to MGM Grand, Inc. (later named MGM Mirage ). Although the Golden Nugget was profitable, it was not part of the master expansion plan of the corporation which was focused on consolidating
1947-526: The Houston suburb of Katy, Texas , in 1980. A year later, he helped open Willie G's Seafood & Steaks, a more upscale restaurant in Uptown Houston . In 1986, Fertitta gained controlling interests of both locations, and in 1988, became sole owner of Landry's Restaurants. In 1993, he took Landry's, Inc. public and the company grew quickly, adding concept after concept. In 1993, Landry's was valued at approximately $ 30 million. In 2004, Fertitta
2006-517: The Kemah boardwalk a top 10 American boardwalk. In 2000, Landry's acquired the land on the 400 block of Bagby in Downtown Houston . The deal came from a proposal of the City of Houston to redevelop the fire station. After redeveloping the building, the aquarium added the shark tank and restaurant before opening in 2003. Fertitta redeveloped the pleasure pier in Galveston, Texas , after
2065-528: The UK, chief executive and chief executive officer are used in local government , where their position in law is described as the "head of paid service", and in business and in the charitable sector . As of 2013 , the use of the term director for senior charity staff is deprecated to avoid confusion with the legal duties and responsibilities associated with being a charity director or trustee, which are normally non-executive (unpaid) roles. The term managing director
2124-422: The arena of manufacturing, are produced by uniquely talented individuals, especially the "heroic CEO". In effect, journalists celebrate a CEO who takes distinctive strategic actions. The model is the celebrity in entertainment, sports, and politics – compare the " great man theory ". Guthey et al. argues that "...these individuals are not self-made, but rather are created by a process of widespread media exposure to
2183-993: The beach and the hotel's pool. In June 2022, he was recognized by the International Hospitality Institute on the Global 100 in Hospitality, on a list featuring the 100 Most Powerful People in Global Hospitality. In 2022 Fertitta acquired The Montage Laguna Beach for approximately $ 650 million. Landry's first expanded to casinos in 2005 when it bought Golden Nugget Casinos, including locations in Las Vegas and Laughlin , Nevada . Since then, Landry's has opened casinos in Atlantic City , New Jersey ; Biloxi, Mississippi ; and Lake Charles , Louisiana . The Golden Nugget Atlantic City
2242-617: The case of a partnership , an executive officer is a managing partner, senior partner, or administrative partner. In the case of a limited liability company , an executive officer is any member, manager, or officer. Depending on the organization, a CEO may have several subordinate executives to help run the day-to-day administration of the company, each of whom has specific functional responsibilities referred to as senior executives, executive officers or corporate officers. Subordinate executives are given different titles in different organizations, but one common category of subordinate executive, if
2301-450: The day-to-day business and one supervisory board for control purposes (selected by the shareholders). In these countries, the CEO presides over the executive board and the chairperson presides over the supervisory board, and these two roles will always be held by different people. This ensures a distinction between management by the executive board and governance by the supervisory board. This allows for clear lines of authority. The aim
2360-506: The executive officers are usually the top officers of a corporation, the chief executive officer (CEO) being the best-known type. The definition varies; for instance, the California Corporate Disclosure Act defines "executive officers" as the five most highly compensated officers not also sitting on the board of directors. In the case of a sole proprietorship , an executive officer is the sole proprietor. In
2419-562: The existence of old boy networks , tradition, and the lack of female role models in that regard. Some countries have passed laws mandating boardroom gender quotas. In 2023 Rockefeller Foundation awarded a grant to Korn Ferry to research strategies and then action a plan to help more women to become CEO's. There are contentious claims that a significant number of CEO's have psychopathic tendencies, often characterized by power-seeking behavior and dominance. These individuals can often conceal their ruthlessness and antisocial behavior behind
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2478-622: The first year proved the casino was successful, a new 300 room tower began construction on the property. In addition to restaurants, hotels, and casinos, Landry's also owns amusement parks, aquariums, and the Kemah Boardwalk . Landry's, Inc. first acquired the Kemah Boardwalk in 1999. After acquiring the boardwalk, Fertitta added a few Landry's restaurants, and a few rides. In 2007, he added the Boardwalk Bullet which
2537-567: The franchise because he owns the Golden Nugget casino chain (a Landry's subsidiary) and NFL rules state any staff member of a team cannot be associated with gambling. Both Fertitta and McNair were disappointed, as Fertitta was part of the franchise since its establishment. In 2003, Fertitta bought the naming rights to the Crawford Boxes seating section of Minute Maid Park , calling it "Landry's Crawford Boxes". The term has become
2596-510: The gambling operation by installing new cashless slot machines and by increasing the maximum bet available at table games to $ 15,000. Their story became the basis for The Casino , a television series on Fox that premiered on June 14, 2004. On February 4, 2005, Houston, Texas –based Landry's, Inc announced its intent to purchase the property and the Golden Nugget Laughlin . The sale closed on September 27, 2005. After
2655-684: The leading candidates for expansion, with Fertitta's bid being the frontrunner for the city. In 2024, Fertitta expressed interest in bringing back a WNBA franchise to Houston, which would be their second team since the Houston Comets folded in 2008. Fertitta partnered with Richard Handler and announced a special-purpose acquisition company called Landcadia , a portmanteau of Fertitta's Landry's and Handler's Leucadia . The company plans to raise as much as $ 300 million in initial public offering . On May 16, 2018, Fertitta announced that Landcadia would acquire Waitr . On March 1, 2024, it
2714-423: The majority shareholder, and the youngest casino owner in Las Vegas and purchased the neighboring California Club in 1973 and combined the two properties under the former’s banner. In 1977, he opened the first hotel tower and the resort earned its first four-diamond rating from Mobil Travel Guide . It was the foundation for Wynn's rise to prominence in the casino industry. Frank Sinatra periodically headlined at
2773-630: The pier had closed after damages by Hurricane Ike . The pier reopened in 2012 as the Galveston Island Historic Pleasure Pier . The redeveloped pier includes an amusement park, Bubba Gump Shrimp Company restaurant, as well as shops. During the process of building the Houston Texans as an NFL team, Fertitta was one of the original investors in creating the franchise. He was a partner of Texans owner Bob McNair until 2008 when he had to sell his interest in
2832-409: The point that their actions, personalities, and even private lives function symbolically to represent significant dynamics and tensions prevalent in the contemporary business atmosphere". Journalism thereby exaggerates the importance of the CEO and tends to neglect harder-to-describe broader corporate factors. There is little attention to the intricately organized technical bureaucracy that actually does
2891-483: The purchase, the Golden Nugget embarked on a 14-month, $ 100 million renovation project, which was completed in November 2006. In December 2007, the Golden Nugget completed its $ 70 million Phase II project, which expanded the resort west onto First Street and introduced additional entertainment, event and dining venues. Phase III was the opening of the 500-room, $ 150 million Rush hotel Tower on November 20, 2009, along with
2950-836: The role of the main manager of the organization and the highest-ranking officer in the C-suite . The term "chief executive officer" is attested as early as 1782, when an ordinance of the Congress of the Confederation of the United States of America used the term to refer to governors and other leaders of the executive branches of each of the Thirteen Colonies . In draft additions to the Oxford English Dictionary published online in 2011,
3009-409: The term "executive director" is used primarily in the not-for-profit sector. These terms are generally mutually exclusive and refer to distinct legal duties and responsibilities. The CEO is the highest-ranking executive in a company, making corporate decisions, managing operations, allocating resources, and serving as the main point of communication between the board of directors and the company. In
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#17327945957413068-457: The work. Hubris sets in when the CEO internalizes the celebrity and becomes excessively self-confident in making complex decisions. There may be an emphasis on the sort of decisions that attract the celebrity journalists . Research published in 2009 by Ulrike Malmendier and Geoffrey Tate indicates that "firms with award-winning CEOs subsequently underperform, in terms both of stock and of operating performance". Executive compensation has been
3127-802: The workplace. This perspective is explored in the book Snakes in Suits , co-authored by Robert D. Hare . However, Scott Lilienfeld has argued that the attention given to psychopathy in the workplace by both the media and scholars has far exceeded the available scientific evidence. Emilia Bunea, writing in Psychology Today , has linked psychopathic traits in managers to workplace bullying , employee dissatisfaction, and turnover intentions. Despite this, Bunea cautions that excessive worry about supposed psychopathic managers could discourage individuals from pursuing careers in corporations and deter employees from addressing issues with difficult bosses. In
3186-623: Was announced that Fertitta would star in his own reality TV show titled Billion Dollar Buyer on CNBC . Billion Dollar Buyer premiered on March 22, 2016, at 10 P.M. Eastern Time. After the first season was successful, a second season was announced, featuring more episodes. On September 17, 2019, Fertitta released a book, Shut Up and Listen! Hard Business Truths That Will Help You Succeed , in which he details his journey to success and offers advice to other entrepreneurs on their business ventures. Each chapter contains "Tilmanisms" which focus on 6 important rules for any entrepreneur to follow: "(1) Be
3245-763: Was approved by the NBA to own the Houston Rockets. Fertitta paid for the Rockets by selling $ 1.415 billion worth of bonds and was competing with Houston-native singer Beyonce Knowles to purchase the team. By buying the Houston Rockets he also became the owner of Clutch Gaming , a professional eSports organization focused on League of Legends . After Fertitta bought the Rockets and Toyota Center in 2017, he expressed interest in an expansion team or relocating an NHL team to Houston, with both options most likely playing at Toyota Center . In 2018, he held preliminary talks with commissioner Gary Bettman to discuss ownership of
3304-846: Was elected to the Texas Business Hall of Fame, becoming the second-youngest Texan to ever earn that distinction, behind only Michael Dell . In 2010, Fertitta, who already owned the majority of Landry's, Inc. stock, purchased all outstanding shares, becoming sole owner again. By 2011, the company's value had skyrocketed to a value of more than $ 1.7 billion. His portfolio includes: The Golden Nugget Hotel and Casinos ; Morton's The Steakhouse ; Rainforest Cafe ; Bubba Gump Shrimp Co. ; McCormick & Schmick's Seafood & Steaks ; Saltgrass Steak House ; Claim Jumper ; Chart House; The Oceanaire; Mastro's Restaurants; Grotto Restaurants, The Boathouse Restaurants and Vic & Anthony's Steakhouse. In 2017 he acquired half of EMM group, owner of
3363-476: Was previously called the Trump Marina. Fertitta purchased this casino from Trump Entertainment Resorts in 2011. The Golden Nugget Lake Charles was bought after Fertitta found a license and resort land for sale from Pinnacle Entertainment , which owns the adjacent L'Auberge du Lac Resort . Fertitta stated he built the casino with the idea of having a casino in close proximity to his Houston hometown. After
3422-619: Was removed in 1984 when the casino underwent renovations. The old sign presently sits at the YESCO signage yard. The expanded resort is built around two aquariums. The larger faces the swimming pool and incorporates a slide through the tank containing full-grown sharks. The smaller aquarium is in the lobby of the Rush Tower. A total of five specialty restaurants were added: Vic & Anthony's Steakhouse, Grotto Ristorante, Lillie's Asian Cuisine, Red Sushi and Chart House. The Chart House has
3481-518: Was reported that Fertitta had purchased the River Oaks District , one of Houston's most prominent mixed-use developments, for $ 450 million. On October 4, 2019, the Houston Rockets general manager Daryl Morey issued a tweet that supported the 2019–20 Hong Kong protests which drew criticism from Fertitta who said that while Morey was the best general manager in the NBA, the Rockets were not
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