MGM Resorts International announced its transition plan following the news of the decision of Chairman and CEO Jim Murren to step down before expiry of the contract.
A committee of independent directors appointed by the board together with a “nationally recognised” executive search company is set to run the search process.
Murren expressed his gratitude to MGM in a statement issued: “Leading MGM Resorts has been the most rewarding and fulfilling experience in my professional career. It has been an honour to work with such a talented group of men and women who provide millions of guests with memorable life experiences every day all over the world.
“We have a solid leadership team in place, and I am confident that they will work with my successor to continue the company’s trajectory of growth and expansion. Until my successor is named, I will continue to lead this company just as I always have and will remain focused on executing our strategy and am fully committed to supporting a seamless transition.”
In 2008, ten years after his first appearance on MGM, Murren was named Chairman and CEO.
Some of Murren’s accomplishments include being “instrumental” in creating Las Vegas professional sports, and bringing to the city the Vegas Golden Knights, the Las Vegas Aces and the Las Vegas Raiders. While also helping in the design of the T-Mobile Arena.
Roland Hernandez, lead independent director of MGM Resorts board of directors, concluded:
“On behalf of the entire MGM Resorts board of directors, I want to thank Jim for his years of dedication to the company and the community.
“Jim has led the company through growth, transforming it into a global entertainment company with a worldwide footprint and creating value for MGM Resorts shareholders.
“As CEO, he has spearheaded significant achievements across our properties, including the development of the CityCenter destination and has turned resorts into showcases of entertainment and sophisticated architecture. The board is focused on continuing to create long-term value for MGM Resorts shareholders.
“The search committee, along with the entire board, will be dedicating significant attention and resources towards identifying and naming Jim’s successor.”
MGM Resorts could have predicted that at the conclusion of its term in January 2021, Murren would step down from his positions. The recent announcement from the CEO, however, would have sped up the process of seeking a replacement.