Reuters reported in February that Icahn had proposed Rodio, CEO of privately held casino gaming company Affinity Gaming, as successor to Mark Frissora, who was due to step down as Caesars CEO.
Rodio was previously CEO of Tropicana Entertainment Inc, another casino and resort operator that Icahn sold last year to peer Eldorado Resorts Inc for $1.85 billion.
Caesars on Tuesday also said it had formed a 'transaction committee' to oversee the company's ongoing efforts in "creating additional shareholder value."
The formation of such a committee by Caesars comes after the casino operator in March struck a deal with Icahn to appoint three new directors to its board, as the billionaire investor continued to press for a sale of the company.
Icahn has gradually built a stake in Caesars this year and, as of March 28, owned about 15 percent of the company.
Rodio will be transitioning to Caesars during the next thirty days, the company said.