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Monday, April 19, 2010 | 5:24 p.m.
Riviera Holdings Corp. President, Chief Executive and Chairman William Westerman died Sunday, the company announced in a filing with the Securities and Exchange Commission on Monday. He was 78.
He served as chairman of the board and CEO of Riviera Holdings Corp. and its predecessor company since January 1992. Westerman also served as chairman of the board of directors and CEO of Riviera Operating Corporation, as well as chairman of the board of directors, CEO and president of Riviera Black Hawk.
The duties of CEO will be divided among Riviera Holdings Corp. executives Tullio Marchionne, Robert Vannucci and Phillip Simons on an interim basis, the filing indicated. Current board member Vincent DiVito was elected as chairman of the board. DiVito has been on the board of directors since 2002
The Riviera Holdings Corp. owns and operates the Riviera Hotel & Casino in Las Vegas and Riviera Black Hawk Casino in Black Hawk, Colo.
From 1973 to June 1991, Westerman was president and CEO of Cellu-Craft Inc., a manufacturer of flexible packaging primarily for food products, and then held several positions with Alusuisse, a multinational aluminum and chemical company, according to a Riviera Holdings Corp. SEC filing from last month.
At a salary of one million a year Westerman had the distinction of being the lowest paid CEO on the strip.With no stock left in his name (other than what the law requires)he will barely be missed.One of the original "bean counters" to get to run a Casino and look how well the Riviera has been doing these past 15years or so.
Well he might have been the lowest paid and a bean counter but he was a kind man. At least the Riviera is still open they might be broke but still there. How many of the old places have you seen blown up in the last fifteen years. One of these days Las Vegas will be wishing they still had some of the old places. My hats off to Mr. Westerman.